0001193125-19-171028.txt : 20190612 0001193125-19-171028.hdr.sgml : 20190612 20190612134757 ACCESSION NUMBER: 0001193125-19-171028 CONFORMED SUBMISSION TYPE: DFAN14A PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20190612 DATE AS OF CHANGE: 20190612 EFFECTIVENESS DATE: 20190612 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: Liberated Syndication Inc. CENTRAL INDEX KEY: 0001667489 STANDARD INDUSTRIAL CLASSIFICATION: RADIO BROADCASTING STATIONS [4832] IRS NUMBER: 475224851 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: DFAN14A SEC ACT: 1934 Act SEC FILE NUMBER: 000-55779 FILM NUMBER: 19893353 BUSINESS ADDRESS: STREET 1: 5001 BAUM BLVD., SUITE #770 CITY: PITTSBURGH STATE: PA ZIP: 15213 BUSINESS PHONE: 412-621-0902 MAIL ADDRESS: STREET 1: 5001 BAUM BLVD., SUITE #770 CITY: PITTSBURGH STATE: PA ZIP: 15213 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: Camac Fund, LP CENTRAL INDEX KEY: 0001516478 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: DFAN14A BUSINESS ADDRESS: STREET 1: CAMAC CAPITAL, LLC STREET 2: 350 PARK AVENUE, 13TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10022 BUSINESS PHONE: 914-629-8496 MAIL ADDRESS: STREET 1: CAMAC CAPITAL, LLC STREET 2: 350 PARK AVENUE, 13TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10022 DFAN14A 1 d765849ddfan14a.htm DFAN14A DFAN14A

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

SCHEDULE 14A

(Rule 14a-101)

INFORMATION REQUIRED IN PROXY STATEMENT

SCHEDULE 14A INFORMATION

Proxy Statement Pursuant To Section 14(a) of the Securities Exchange Act Of 1934

 

 

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☐   Definitive Proxy Statement
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☐   Soliciting Material Pursuant to §240.14a-11(c) or §240.14a-2

LIBERATED SYNDICATION, INC.

(Name of Registrant as Specified In Its Charter)

CAMAC FUND, LP

CAMAC PARTNERS, LLC

CAMAC CAPITAL, LLC

ERIC I. SHAHINIAN

MICHAEL CRICENTI

SIMEON MCMILLAN

DONALD J. TRINGALI

BRADLEY M. TIRPAK

(Name of Person(s) Filing Proxy Statement, if other than the Registrant)

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Stockholders of Liberated Syndication Are Urged to Complete and Return the WHITE Special Meeting Request Card

– Help Camac Stop Egregious Pay Practices and Prevent Further Dilution –

NEW YORK, June 12, 2019

Camac Fund, LP (“Camac”), the beneficial owner of over 6% of Liberated Syndication, Inc. (“Libsyn”), urges all stockholders to promptly return the WHITE special meeting request card in order to call a special meeting of Libsyn’s stockholders.

Camac is soliciting proxies to call a special meeting because it believes that Libsyn is desperately in need of improved governance. Camac reminds stockholders of the following:

 

  •  

Since Libsyn’s spin-out from FAB Universal Corp., Libsyn’s board of directors has authorized the issuance of over 10 million new shares to insiders for no financial consideration. Libsyn’s stockholders will have been diluted by 49% if these shares fully vest.

 

  •  

In 2019, Christopher J. Spencer, Libsyn’s chief executive officer, is slated to receive a $400,000 salary and an $800,000 bonus, and John Busshaus, Libsyn’s chief financial officer, is slated to receive a $350,000 salary and a $700,000 bonus. This amounts to over 59% of Libsyn’s 2018 income.

 

  •  

Libsyn’s board of directors approved massive share awards to Messrs. Spencer and Busshaus that were conditioned on the achievement of certain milestones, Camac believes that Libsyn’s board of directors has recently taken a number of troubling actions to permit the vesting of one of these awards where Libsyn management had not met the applicable performance threshold and extending the time to achieve the thresholds for other awards.

Camac believes that the operating team at Libsyn has built a wonderful business with tremendous potential. With the right board of directors, Camac is confident that the best is yet to come.

Please help Camac bring needed improvements to Libsyn. Sign, date and return the WHITE special meeting request card today.

Camac is eager to speak with its fellow Libsyn stockholders. Please contact Camac using the contact information at the end of this release.

About Camac

Camac is a private investment firm founded in 2011. Camac focuses on extremely mispriced assets in discrete pockets of opportunity. Camac prides itself on its unique sourcing, flexible mandate, and constant focus on non-competitive opportunities. Its investments are long term in nature and focused on compounding capital over several decades rather than months or years.

For Further Information

Eric Shahinian

(914) 629-8496

eric@camacpartners.com