UPdate {sodEmoji.|} Tallahassee Mall
Key investor in Feldman Mall Properties says company isn't looking out for shareholders
Feldman Mall Properties Inc., owner of [Tallahassee Mall], is once again facing criticism from one of its stockholders.
James W. Sight, who owns 850,000 shares of Feldman stock, or about 6.5 percent of the outstanding shares, said in a letter that "it is apparent that the current board of directors is incapable of managing the company for the benefit of its shareholders."
The observation was based on the fact that the board has yet to act, after several months, on such issues as new tenant leasing, strategic alternatives on raising stockholder value, and a plan to buy back stock, Sight said in the letter, which was filed Tuesday with the U.S. Securities and Exchange Commission.
"The current outside directors own approximately 9,000 total shares, and are totally disconnected from the economics of ownership," he wrote. "It appears that the current outside directors are more interested in the compensation they received for serving on the company's board than whether or not the company is run for the benefit of its shareholders."
Source/More: TU