NEW YORK, April 26, 2011 /PRNewswire/ -- FrontFour Master Fund, Ltd., an affiliate of FrontFour Capital Group LLC (collectively, "FrontFour"), today announced that it has delivered a letter to stockholders of Fisher Communications, Inc. (Nasdaq: FSCI).
The full text of the letter follows:
April 26, 2011
Dear Fellow Fisher Communications, Inc. Stockholder:FELLOW STOCKHOLDERS -- WE CANNOT ALLOW FISHER'S CURRENT BOARD TO CONTINUE TO PRESIDE OVER THE DESTRUCTION OF STOCKHOLDER VALUE THE COMPANY IS SPINNING A WEB OF MISLEADING INFORMATION TO CONFUSE THE REAL ISSUES IN THIS ELECTION AND TO HIDE THE FAILURE OF THE CEO AND BOARD TO EXECUTE ON THEIR OPERATING AND ACQUISITION STRATEGY THE CURRENT BOARD REFUSES TO BE HELD ACCOUNTABLE FOR ITS DECISIONS FrontFour Master Fund, Ltd., together with its affiliates (collectively, "FrontFour"), is a long-term stockholder of Fisher Communications, Inc. ("Fisher" or the "Company"). We are seeking your support to elect highly qualified candidates to the Board of Directors of Fisher at its 2011 Annual Meeting of Stockholders. You may have recently become aware that on April 21, 2011 the Company sent a letter to stockholders which contains misleading and baseless assertions. This is part of a continuing campaign to distract from the real underlying issue at hand -- the continued poor operating performance and destructive acquisition strategy of the Company under the current Board. Interestingly, at the Gabelli & Company forum on April 21, 2011, the Company made no attempt to bring up any of the points contained in its letter. Do they too believe their own letter has no merit and is full of emotional and baseless statements? STOCKHOLDERS SHOULD NOT BE FOOLED BY SUCH UNFOUNDED AND HOLLOW ASSERTIONS It was clear when FrontFour started this election contest that Fisher would say anything to avoid addressing the serious issues facing the Company and owning up to its failures. We knew this would happen. In the Company's latest letter they once again attempt to mischaracterize our intentions and by so doing, show a lack of respect for stockholders.