Orbcomm dissident nominees drop bid for election to board on Wednesday

By Lisa Kerner

Charlotte, N.C., May 4 - The Committee to Realize Value for Orbcomm said it is withdrawing its slate of two director nominees - Steven Chrust and Michael Miron - for election to Orbcomm, Inc.'s board at the annual shareholders meeting on Wednesday

According to the committee, it remains concerned about Orbcomm's "ability to generate subscriber growth and sufficient cash flow to enable the launch of its second generation satellite constellation in a timely fashion" but is withdrawing its nominees in view of the reports issued by RiskMetrics Group/ISS and Glass, Lewis & Co.

It was previously reported that Proxy Governance, Inc., RiskMetrics and Glass Lewis recommended that Orbcomm shareholders vote for the Fort Lee, N.J., satellite data communications company's nominees, Jerome Eisenberg and Marco Fuchs, and reject the dissident slate.

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