The Gang of Three running for the board of Journal Communications -- former Serigraph CEO (and one-time newspaper guy and current Journal Sentinel columnist) John Torinus, former journo Doug Armstrong and former JRN general counsel Paul Kritzer -- are planning to make their case to the ever-growing list of Journal Sentinel alums later this month.
And Armstrong makes his case on a JRN Yahoo! board:
As some of you know, I am a candidate for Journal Communications Board of Directors along with John Torinus and Paul Kritzer. We filed for director positions in November, and in response, Journal Communications in December asked the Securities and Exchange Commission for permission to omit our names from its proxy statement and ballot. Yesterday, we filed a response with the SEC seeking a rejection of the Journal’s petition. (See www.journalshareholders.com/reply.html )
There is a strong possibility that the SEC may agree to the Journal’s petition, however, given its rulings in the past. If our alternate slate wishes to continue to seek election after such a ruling, it would have to create its own proxy and statement and distribute them to all shareholders in accordance with stringent SEC guidelines. I am told that a proxy fight of this nature would cost our group as much as $150,000.
We will attempt to keep you apprised of developments on the Web site we have created for this effort. Visit www.journalshareholders.com for more information or to register with us for news updates. Thank you.
Interestingly, one of theboard incumbents is Roger D. Pierce, chair of a compensation committee that seems determined to find new ways of rewarding JRN brass as the stock price and earnings tank.