Elliott Associates and Elliott International hedge funds retained Lens Investment Management to assist in communicating with Metromedia International Group Inc. over its poor performance. The funds own a large amount of Metromedia stock; the number of shares was unavailable.
Lens will host a special meeting of Metromedia shareholders Wednesday in New York to discuss what shareholders can do in the face of what has been, according to Lens, a steady destruction of shareholder value. John W. Kluge, chairman, and other directors and executives of Metromedia havent responded to an invitation to the meeting, said a Lens spokeswoman. Metromedia officials couldnt be reached for comment.
Snyder Capital Management, which owns just less than 10% of Metromedia, is sending a representative to the meeting, said Alan B. Snyder, president. He said the companys performance has been poor.
Elliott Associates submitted shareholder proposals calling for an independent board and for shareholders to be given the right to call special meetings.
Elliott officials couldnt be reached for comment.