Regent, Riley file lawsuits in bid for control

By Lisa Kerner

Charlotte, N.C., Aug. 15 - Regent Communications, Inc. filed a lawsuit against Riley Investment Partners Master Fund, LP, Riley Investment Management LLC and SMH Capital Inc. in a Delaware District Court alleging violations of the Securities Exchange Act of 1934.

The suit is in connection with Riley's solicitation of Regent shareholders to call a special meeting for the purpose of amending bylaws and adding new directors to the board. Riley also filed a lawsuit in Delaware Chancery Court to try to force a special meeting, according to a Regent news release.

Regent said additional violations include SMH Capital's failure to disclose its significant beneficial ownership interests in Regent shares and the failure by Riley and SMH Capital to disclose their intentions, arrangements and agreements regarding Regent and its shares.

As previously reported, Riley requested that Regent hold its annual meeting on Sept. 3 to amend the bylaws, make a nine-member board and elect John Ahn, Bob D'Agostino, Jared Davis and Joseph Patrick Hannan to Regent's board.

Riley had reported owning 2,853,242 shares, or 7.4%, of the company in July. The investor has in the past suggested the Cincinnati-based radio broadcasting company sell as a means of increasing shareholder value.

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