“We again thank our fellow stockholders for their support in this process,” said
Camac reminds its fellow stockholders of the following:
- Since Libsyn’s spin-out from FAB Universal Corp., Libsyn’s board has authorized the issuance of over 10 million new shares to insiders for no financial consideration. Libsyn’s stockholders will have been diluted by 49% if these shares fully vest.
- In 2019,
Christopher J. Spencer, Libsyn’s chief executive officer, is slated to receive a $400,000salary and an $800,000bonus, and John Busshaus, Libsyn’s chief financial officer, is slated to receive a $350,000salary and a $700,000bonus. This amounts to over 59% of Libsyn’s 2018 income.
- Libsyn’s board approved massive share awards to Messrs. Spencer and Busshaus that were conditioned on the achievement of certain milestones. Camac believes that Libsyn’s board has recently taken a number of troubling actions to permit the vesting of one of these awards where Libsyn management had not met the applicable performance threshold, and extended the time to achieve the thresholds for other awards.
Camac is committed to maximizing value for stockholders. If successful in its efforts to elect new directors at the special meeting, Camac believes that it will be incumbent upon the new board of directors to evaluate any and all legal actions seeking to rescind prior stock awards granted to the prior board members, inflated pay packages that were not properly voted for, as well as investigate any potential additional misuse of corporate funds through related party agreements or transactions, inflated expenses, or the like.
Camac owns approximately 6.5 percent of Libsyn, and has been a stockholder since 2017.
Additional Information and Where to Find It
Stockholders may obtain, free of charge, Camac’s preliminary proxy statement, any amendments or supplements thereto and other relevant documents filed by Camac with the
Stockholders call toll-free: (877) 972-0090
Banks and brokers call collect: (203) 972-9300