Sun-Times Media asks shareholders to reject dissident slate

By Lisa Kerner

Charlotte, N.C., Dec. 17 - Sun-Times Media Group, Inc. urged stockholders to support the company's board of directors by rejecting Davidson Kempner Capital Management LLC's attempt to "wrest control."

As previously reported, Davidson Kempner wants to reduce the Chicago-based newspaper company's board to five directors from seven and put forth its own slate of director nominees.

According to Sun-Times, the board has an "ambitious and concrete plan" that includes reducing costs by more than $50 million, while Davidson Kempner's broad approach to revitalizing the company is no more than "wishful thinking."

Sun-Times asked shareholders for their support in a Dec. 17 letter.

Davidson Kempner's slate of nominees for election to the Sun-Times board includes:

• Jeremy L. Halbreich, former president and general manager of the Dallas Morning News;

• Robert A. Schmitz, a partner at Quest Turnaround Advisors;

• Lee Hillman, former chief financial officer of Bally Entertainment Corp. and later the chairman and CEO of Bally Total Fitness Holding Corp.; and

• Michael E. Katzenstein, founder and principal of CXO, LLC, a restructuring and turnaround management firm.

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