Liberty Shipping seeks to replace entire board of International Shipholding

By Lisa Kerner

Charlotte, N.C., Nov. 18 - Liberty Shipping Group LLC intends to nominate a slate of directors to replace International Shipholding Corp.'s entire board of directors at the company's next annual meeting, according to a Nov. 18 letter from Liberty to International Shipholding's special committee.

"At this point it has become clear to us that International Shipholding's current board and the members of the so-called 'special committee' are acting at the direction and for the benefit of the Johnsen family and not in the best interest of stockholders," Liberty said in its letter.

"In the coming weeks we will provide further details to our fellow stockholders about the individuals who we will nominate to replace the Johnsen board."

It was previously reported that Liberty filed a complaint against International Shipholding and its directors in the Court of Chancery of the State of Delaware.

In the suit, Liberty seeks to compel International Shipholding to fulfill what it said are the company's fiduciary duties to its stockholders. According to Liberty, International Shipholding has a "continuing pattern of delay and obstruction" when it comes to Liberty's Sept. 2 offer to buy the company for $25.75 per share in cash.

Liberty said it also filed a second complaint in the District Court for the Southern District of New York against International Shipholding and some executives and directors of the company.

The second complaint alleges that the defendants failed to comply with federal securities laws, Liberty said in a prior news release.

Liberty, a 9% shareholder, is a Lake Success, N.Y.-based owner and operator of dry bulk vessels.

International Shipholding provides international and domestic maritime transportation services. The company is based in Mobile, Ala.

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