ZimCal Urges All Medallion Stockholders to Vote for Its Board Candidates Before the June 11th, 2024 Shareholder Meeting
June 10 2024 - 6:25PM
Business Wire
- The only way to unlock MFIN’s true value starts with changing
the Board of Directors.
- ZimCal’s Board candidates bring independence, leadership and
experience.
- ZimCal’s candidates will always put stockholders, not
management, first.
ZimCal Asset Management, LLC, and its affiliates BIMIZCI Fund
LLC, Warnke Investments LLC and Stephen Hodges (collectively
“ZimCal”) issue a final and persuasive summary outlining the need
for change at Medallion Financial Corp. (“MFIN”). ZimCal believes
the upside potential for MFIN is tremendous if it can
implement common-sense changes. ZimCal asks ALL stockholders to
vote for its exceptional candidates to MFIN’s Board of Directors
(the “Board”) using the WHITE proxy card.
Further instructions can be found at
www.restoretheshine.com/vote.
ZimCal believes that MFIN will do whatever it can to maintain
the status quo, which has enriched management at the expense of
stockholders. ZimCal believes that the true resistance to Board
change is because Andrew Murstein, the President and COO of MFIN,
is afraid of being held accountable by two new independent Board
members and is concerned about how that might impact the Board’s
ability to continue to shield him from the SEC charges. MFIN and
Mr. Murstein are under an SEC investigation for violations of
securities laws including fraud and touting, and the SEC
alleges that Mr. Murstein lied on several occasions, including to
MFIN’s auditors. Stockholders have paid for Mr. Murstein’s legal
defense. ZimCal has been the subject of false allegations by MFIN
and was forced to issue a Cease and Desist letter to the company
demanding the correction of recent false and misleading
statements.
ZimCal is one of the largest investors in Medallion Financial
Corp. (the “Company” or “MFIN”), has $15.75 million in debt and
equity exposure and has been invested in MFIN for over 3 years.
ZimCal has increased its stockholdings to 90,010 shares and has
almost $8 million of cash invested in MFIN. ZimCal is currently in
a proxy contest to improve MFIN by replacing two Directors on
MFIN’s Board with two more highly qualified individuals. ZimCal
ONLY benefits through an increase in the value of MFIN and
if MFIN can implement the changes ZimCal is recommending, ZimCal
believes that the upside potential for the Company is
tremendous.
Visit www.restoretheshine.com/nominees to learn about our highly
qualified nominees.
Vote for our two exceptional candidates by voting online or via
mail using the WHITE proxy card. Even if you have already voted,
you can still vote for our candidates and only your most recent
vote will count. Full instructions can be found at
www.restoretheshine.com/vote.
About ZimCal Asset Management, LLC
ZimCal Asset Management is an alternative investment firm
focused primarily on niche, illiquid and complex credit investment
opportunities with a specialization in bank investing.
See www.restoretheshine.com/#About for more details.
Solicitation Information
Stockholders are urged to read ZimCal’s definitive proxy
statement and WHITE proxy card because they contain important
information about the ZimCal nominees and related matters.
Stockholders may obtain a free copy of the definitive proxy
statement and WHITE proxy card and other documents filed by ZimCal
on the web site of the Securities and Exchange Commission (SEC) at
www.sec.gov or may access the SEC website through
www.restoretheshine.com. Stockholders may also direct a request to
ZimCal’s proxy solicitor, Saratoga, 520 8th Avenue, 14th Floor, New
York, NY 10018 (stockholders can e-mail at info@saratogaproxy.com
or call toll-free at (888) 368-0379).
Participants in
Solicitation
The identity of the participants in the solicitation and a
description of their direct or indirect interests, by security
holdings or otherwise is contained in ZimCal’s definitive proxy
statement filed with the SEC on April 26, 2024.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240610525192/en/
Media contact: nicole@nh-consult.com
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