(PR NEWSWIRE) Idearc's Largest Stockholder Seeks Election as a Director
Idearc's Largest Stockholder Seeks Election as a Director
LOS ANGELES, March 19 /PRNewswire/ -- Based upon growing concerns over the gove
rnance of Idearc, Inc. (Pink Sheets: IDAR), the largest shareholder has notified
the Company of his request to be included on the slate of directors to be voted
upon at the upcoming stockholders meeting.
"In order to ensure that the interests of shareholders are regarded as paramoun
t at the Board level, I have decided to step to the plate," said Corwin, an expe
rienced businessman and professional investor. "This company [Idearc, Inc.] has
tremendous potential, and frankly, the Board and Management have tremendous resp
onsibility . . . to its investors, its employees, and its customers. Given the
particulars of the company's financial situation, bankruptcy proceedings, indica
ted by the company as likely, would leave many constituencies greatly disadvanta
ged and in some cases literally wiped-out," Corwin continued. "In addition, I'm
concerned that the Company's customers - - particularly its biggest national cus
tomers - - will not want to place advertising with a bankrupt company."
"I have received a steady wave of communications from numerous Idearc sharehold
ers indicating that their concerns parallel those that I have raised," said Corw
in, who recently sent a letter to each member of Idearc's Board of Directors urg
ing that bankruptcy could be avoided by pursuing other readily-available alterna
tives. In that letter, Corwin reminded the Board that Idearc has sufficient cas
h on hand ($510 million at year-end 2008) to pay down enough of its outstanding
debt to avoid the need for a bankruptcy, and failure to do so would be a breach
of the Board's fiduciary duty to its shareholders.
Corwin's commitment to Idearc is significant. As contrasted from the existing
Directors who are only minimal stakeholders both individually and collectively (
one director holds 30,000 shares, while most others own less than 10,000 shares
each), Corwin holds greater than 12 million shares of Idearc stock.
Idearc's annual revenues were just under $3 billion in 2008 and is headquartere
d in the Dallas metropolitan area. The company employs approximately 7,200 peopl
e in about 100 offices around the country.
SOURCE Jack Corwin, Shareholder
Contact Information:
Bobbie Greenfield of Greenfield Consulting, +1-310-286-0200, bobbie@greenfieldgr
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