Orbcomm shareholders advised by proxy firm to reject dissident nominees

By Lisa Kerner

Charlotte, N.C., April 22 - Glass, Lewis & Co. is recommending that Orbcomm Inc. shareholders vote for both of the company's nominees - Jerome Eisenberg and Marco Fuchs - and reject the dissident slate, Orbcomm announced on Wednesday.

Orbcomm said Glass Lewis, in its report, noted "several troubling facts regarding the dissident shareholder group led by Steven Chrust and Michael Miron and its proposed change in strategy."

Glass Lewis does not believe the group illustrated how its strategy would prove to be more valuable to Orbcomm, a Fort Lee, N.J., satellite data communications company.

The proxy advisory firm also questioned Miron's conflict of interests "with respect to the potential fees to be paid in the event that the company pursues a new capital raising transaction."

According to a schedule 14A filed with the Securities and Exchange Commission, the dissident group wants to have Miron appointed as Orbcomm's chief executive officer.

Miron is the founder and managing director of MM & Co., an independent consultant/adviser to technology-based businesses.

Chrust is the founder and a senior principal of Centripetal Capital Partners, LLC, a private equity investment firm.

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