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"In order to ensure that the interests of shareholders are regarded as paramount at the Board level, I have decided to step to the plate," said Corwin, an experienced businessman and professional investor. "This company [Idearc, Inc.] has tremendous potential, and frankly, the Board and Management have tremendous responsibility . . . to its investors, its employees, and its customers. Given the particulars of the company's financial situation, bankruptcy proceedings, indicated by the company as likely, would leave many constituencies greatly disadvantaged and in some cases literally wiped-out," Corwin continued. "In addition, I'm concerned that the Company's customers - - particularly its biggest national customers - - will not want to place advertising with a bankrupt company."
"I have received a steady wave of communications from numerous Idearc shareholders indicating that their concerns parallel those that I have raised," said Corwin, who recently sent a letter to each member of Idearc's Board of Directors urging that bankruptcy could be avoided by pursuing other readily-available alternatives. In that letter, Corwin reminded the Board that Idearc has sufficient cash on hand ($510 million at year-end 2008) to pay down enough of its outstanding debt to avoid the need for a bankruptcy, and failure to do so would be a breach of the Board's fiduciary duty to its shareholders.
Corwin's commitment to Idearc is significant. As contrasted from the existing Directors who are only minimal stakeholders both individually and collectively (one director holds 30,000 shares, while most others own less than 10,000 shares each), Corwin holds greater than 12 million shares of Idearc stock.
Idearc's annual revenues were just under $3 billion in 2008 and is headquartered in the Dallas metropolitan area. The company employs approximately 7,200 people in about 100 offices around the country.
SOURCE Jack Corwin, Shareholder
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