TM Entertainment and Media shareholder seeks changes to board, bylaws

By Lisa Kerner

Charlotte, N.C., Dec. 18 - TM Entertainment and Media, Inc. shareholders led by Opportunity Partners LP said they intend, at the company's next shareholder meeting, to submit two proposals and a slate of nominees for election to TM's board of directors.

The first proposal asks the board to take action to dissolve the company and make a liquidating distribution to the public shareholders.

Opportunity Partners said it will also propose a bylaw to increase the size of the board to seven directors from four, effective at the shareholder meeting, according a schedule 13D/A filed with the Securities and Exchange Commission.

The dissident slate of nominees includes:

• Gerald Hellerman, owner and managing director of Hellerman Associates;

• Andrew Dakos, a self-employed investment adviser and a principal of the general partner of six private investment partnerships in the Bulldog Investors group of funds;

• Phillip Goldstein, an investment adviser and a principal of the general partner of six investment partnerships in the Bulldog Investors group of funds; and

• Rajeev Das, principal of the Bulldog Investors group of funds and managing member of the general partner of Opportunity Income Plus LP.

According to Opportunity Partners, none of its nominees personally owns any shares of TM.

Collectively, the affiliates of Opportunity Partners beneficially own 2,316,050 common shares, or 18.52%, of TM, the filing said.

The New York-based company does not have significant operations.

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