Harbinger Capital seeks to put seven nominees on Ryerson board

By Lisa Kerner

Charlotte, N.C., June 28 - Harbinger Capital Partners Master Fund I, Ltd. and Harbinger Capital Partners Special Situations Fund, LP filed preliminary proxy materials with the Securities and Exchange Commission in connection with their nomination of seven candidates for election to Ryerson Inc.'s board of directors. The company will hold its 2007 annual meeting on Aug. 23.

The investors' nominees are:

• Keith E. Butler, owner of BCS Placements, LLC;

• Eugene I. Davis, chairman and chief executive officer of Pirinate Consulting Group, LLC;

• Daniel W. Dienst, chairman of the board of Metal Management, Inc.;

• Richard Kochersperger, director of the Food Marketing Group;

• Larry J. Liebovich, former president of Liebovich Steel & Aluminum Co.;

• Gerald Morris, served as president and chief executive officer of Intalite International NV; and

• Allen Ritchie, senior vice president and chief financial officer of Altec Industries, Inc.

"The company delayed its annual meeting on the basis that the board was reviewing strategic alternatives but there has been no update on this initiative," Harbinger managing director Larry Clark said in a company news release.

"Our assembled slate of highly qualified, independent nominees, if elected to serve on the board, is collectively committed to taking all actions necessary to improve the company's business operations and create value for all stockholders."

On June 11, Harbinger filed a lawsuit in Delaware to compel Ryerson to hold an annual meeting within 45 days of a order from the Delaware Chancery Court.

Delaware law allows any stockholder to petition the court to compel that an annual meeting be held if a company fails to hold an annual meeting with 13 months of its last annual meeting. Ryerson held its last annual meeting on May 9, 2006 and cancelled its annual meeting scheduled for May 11, 2007.

Harbinger is the beneficial holder of approximately 9.6% of the Chicago-based metal processing company's outstanding stock.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.