CPI, Ramius make pleas before board vote - St. Louis Business Journal:

http://korusconsulting.com/about/our-team/
“Ramius has of the Company to achieve its ownliquiditgy goals, irrespective that a sale at this time wouls damage the long-run interests of CPI said in its letter Thursday. “Ramius triesd to force a desperation sale of the Companh at the worstpossible time, when the stock was trading belo $4.00 per share. Yesterday, the stock closedr at $16.98 per share.” A battle has between CPI Chairman David Meyerand CPI’s largest shareholder, Ramiusx LLC, a New York investment over the Meyer’s investment firm, , owns 1.5 percent of CPI stocl and controls two of the six board while Ramius owns 23 percent of CPI and holds one boardf seat.
Ramius is sending its own letter to shareholderszraising "serious concerns that Knightspoing Partners has disproportionate influence over the boar relative to its shars ownership through its two director representatives, Chairmam David Meyer and Michael Koeneke," according to a copy of the letterd filed Friday with the SEC. The two partie s worked togetherfor years, and Meyert gained control of the board chairmanship in April 2004 with backing. But a rift emerged, and the firms broke off their alliancein February. Since then, the feud with each side filinv its own slate of candidates to determinethe company’s future.
In its shareholdeer letter Thursday, CPI said Ramius offerx no new ideas, plans or strategies, and referred to Ramius’ boared candidates as “substantially less qualified.” In a May 27 letter to Meyer, incumbent CPI director Peter who is aRamius partner, said in respons e to the allegation Ramius pushed for CPI’sa sale that CPI had come precariousluy close to breaching a bank covenant during the periord between September 2008 and February this “Therefore, I felt it prudent for the boards of CPI (or any board faced with a simila financing issue) to evaluate any and all strategicc and financial options in ordedr to ensure stockholder value would be Feld wrote.
Ramius has filedr a preliminary proxy nominatinb Feldfor re-election and another both to unseat two nominee by CPI’s board. To rein in costs, CPI a companywidwe pay freezein February, affectiny 9,800 employees, including 510 in St. CPI reported that it had swuntg toa first-quarter profit of $2.3 million compared to a loss of $256,000 in the year-ag quarter. St. Louis-based CPI Corp. (NYSE: led by President and CEO Renato Cataldo,. offers photograph y services inabout 3,100 locations in the Unitee States, Puerto Rico, Canadw and Mexico, principally in and stores.