A slate of ‘dissident’ nominees to the Image Entertainment board,...
A slate of “dissident” nominees to the Image Entertainment board, if elected, would bring “cronyism” to senior management and raise potential conflicts of interest. That’s according to Image’s preliminary proxy statement filed at the SEC for its annual shareholders…
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meeting scheduled for Oct. 10 in Woodland Hills, Cal. Saying Lions Gate has disclosed in public filings that it’s paying each nominee $20,000 to run, Image said the studio is trying for a hostile takeover after Image rejected its 2 offers to buy the company in fall 2005. Four nominees -- Duke Bristow, Joachim Kiener, Barry Perlstein and Joseph Incandela -- lack the industry expertise needed “to contribute to our company,” Image said. Two who appear to have “pertinent” industry experience -- Jack Crosby and Eric Doctorow -- have had checkered careers at best, Image said. Doctorow, onetime Paramount Home Entertainment chief, joined another key rival -- Ventura Entertainment -- in Nov. 2004, Image said. As COO, his job was to manage Ventura’s distribution pacts with many independent studios, Image said. Less than 2 years after he arrived, Ventura liquidated in an out-of-court bankruptcy settlement, Image said. Recently, Doctorow was hired by Fox Home Entertainment to manage its DVD catalog distribution. His activities “will directly compete with us and our slate of new theatrical releases and direct-to-video projects, as well as the films and episodes of TV programming in our library,” Image said: “It appears from their background, current positions and actions that Lions Gate and its nominees may not be most concerned about protecting ALL of our stockholders’ interests, but rather may be concerned with their own potentially conflicting financial and business interests.”