Duck Farid.R2 Takes Another Public Shot at Citadel.
February 9, 2011
It's clear R2 investments plans to snag on Farid Sulemans tie for as long as they can until he listens to them. Today, no news was big news on a slow Radio news day. R2 has mastered the art of the slow leak, or should we say bleed, of information. R2 investments has obviously devised a plan to be, at the least, a constant annoyance to Citadel boss Farid Suleman. The company released a tiny 6-line press release about how it plans to nominate two of its own people for the Citadel board. "R2 has sent a written request to Citadel to obtain the necessary documents detailed in the company's bylaws to properly nominate the two directors." The 2011 Citadel annual meeting has not even been announced yet.
R2 says it's frustrated by the lack of "meaningful response" by Citadel to shareholder requests to get together with Lew Dickey's Cumulus. R2 is hoping the possible election of the board members jars a little more action of Citadel. R2 is a hedge fund that picked up a piece of the Radio company following Chapter 11. The Citadel board has said no to a $31 per share offer from Cumulus.