ISS Recommends Vote against Sunset Financial Resources (SFO) Merger with Alesco Financial Trust
26 Settembre 2006 - 8:06PM
Business Wire
Institutional Shareholder Services (�ISS�), respected and
influential provider of voting advisory services to institutional
investors worldwide, recommends that its clients vote on the GREEN
proxy card AGAINST ALL PROPOSALS being considered at the Sunset
Financial Resources (NYSE:SFO) Special Meeting of Stockholders
scheduled for October 6, 2006, Western Investment Hedged Partners
LP announced today. In making its recommendation to vote AGAINST
Sunset�s proposed merger with Alesco Financial Trust, ISS stated
that it does �not think the merger is clearly beneficial to
shareholders, as it assigns liquidation-like values to Sunset, a
management agreement with an inherently high level of conflicts of
interest and losing control of the company with no premium.� ISS
went on to recommend a vote AGAINST the long-term incentive plan
and the proposal to adjourn the meeting to allow for additional
proxy solicitation. Art Lipson, of Western Investment, commented:
�We believe that ISS has reached the right conclusion that this
transaction undervalues Sunset. It changes Sunset�s fundamental
investment strategy and management without shareholder approval and
dramatically increases the fees and expenses Sunset holders will
have to bear going forward. We think it is simply a bad deal that
should be rejected.� Mr. Lipson added: �We believe there are better
alternatives available to Sunset than this merger proposal. We
intend to propose a slate of nominees for election to Sunset�s
board at the 2006 Annual Meeting of Stockholders that will
represent stockholders� interests and work to maximize stockholder
value. We have had discussions with Michael Tokarz regarding the
future management of Sunset and look forward to continuing those
discussions.� Since the Special Meeting is only days away, Western
Investment is asking Sunset stockholders to vote their shares as
soon as possible. Holders may vote by phone at 1-800-454-8683 or
internet at www.proxyvote.com. Please have your 12-digit control
number on your GREEN proxy card available when you vote. Only the
latest dated proxy counts, so even if you have already sent in a
proxy to Sunset, you have every legal right to change your vote and
vote AGAINST Sunset�s proposals by using the GREEN proxy card.
Institutional Shareholder Services ("ISS"), respected and
influential provider of voting advisory services to institutional
investors worldwide, recommends that its clients vote on the GREEN
proxy card AGAINST ALL PROPOSALS being considered at the Sunset
Financial Resources (NYSE:SFO) Special Meeting of Stockholders
scheduled for October 6, 2006, Western Investment Hedged Partners
LP announced today. In making its recommendation to vote AGAINST
Sunset's proposed merger with Alesco Financial Trust, ISS stated
that it does "not think the merger is clearly beneficial to
shareholders, as it assigns liquidation-like values to Sunset, a
management agreement with an inherently high level of conflicts of
interest and losing control of the company with no premium." ISS
went on to recommend a vote AGAINST the long-term incentive plan
and the proposal to adjourn the meeting to allow for additional
proxy solicitation. Art Lipson, of Western Investment, commented:
"We believe that ISS has reached the right conclusion that this
transaction undervalues Sunset. It changes Sunset's fundamental
investment strategy and management without shareholder approval and
dramatically increases the fees and expenses Sunset holders will
have to bear going forward. We think it is simply a bad deal that
should be rejected." Mr. Lipson added: "We believe there are better
alternatives available to Sunset than this merger proposal. We
intend to propose a slate of nominees for election to Sunset's
board at the 2006 Annual Meeting of Stockholders that will
represent stockholders' interests and work to maximize stockholder
value. We have had discussions with Michael Tokarz regarding the
future management of Sunset and look forward to continuing those
discussions." Since the Special Meeting is only days away, Western
Investment is asking Sunset stockholders to vote their shares as
soon as possible. Holders may vote by phone at 1-800-454-8683 or
internet at www.proxyvote.com. Please have your 12-digit control
number on your GREEN proxy card available when you vote. Only the
latest dated proxy counts, so even if you have already sent in a
proxy to Sunset, you have every legal right to change your vote and
vote AGAINST Sunset's proposals by using the GREEN proxy card.
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