Harbinger objects to the composition of Openwave's strategic alternatives committee

By Lisa Kerner

Charlotte, N.C., March 23 - Openwave Systems, Inc. investors led by Harbinger Capital Partners took issue Friday with Openwave's special committee formed to evaluate strategic alternatives.

The committee is chaired by former Openwave president and chief executive officer Dave Peterschmidt, who resigned after receiving only 42% of the vote in the recent shareholder election.

"By appointing Peterschmidt to chair this committee, the board has put its interests and that of the senior management above those of shareholders and the company," according to Harbinger Capital in a news release.

Harbinger Capital believes the committee should be comprised of three independent board members.

"We believe - and the result of the vote taken at the annual meeting of stockholders highlights support for our position - that the committee as proposed should not be authorized to make decisions relating to the strategic future of Openwave," Harbinger managing director Howard Kagan added in the release.

Harbinger Capital Partners Master Fund I, Ltd. recently entered into equity swap agreements on March 5, March 6, March 7, March 8, March 12 and March 15 with a securities broker.

Harbinger beneficially owns 7,684,950 shares, or 8.1%, of the Redwood City, Calif., software company's shares.

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