Posted on 10/19/2004, 4:26:37 PM by Petronski
First Step Toward Legal Action Against Sinclair Calling for Immediate Access to Equal Airtime To Balance Partisan Attack Film Stolen Honor
(WASHINGTON, DC, October 19, 2004) - Media Matters for America (MMFA) announced today that it is underwriting the costs of a shareholder action, demanding that Sinclair Broadcast Group, Inc., provide equal time to those "with views opposed to the allegations" in the anti-Kerry film Stolen Honor, which Sinclair plans to air between October 21-24, in prime time, on all 62 of its stations reaching up to 25 percent of U.S. TV households.
At 10 a.m. today, a letter from Glickenhaus & Co., a Wall Street firm with clients who hold stock in Sinclair, was delivered to the CEO of Sinclair, David D. Smith, and the company's board of directors, demanding that they immediately "provide those with views opposed to the allegations in the film an equal opportunity to respond." If an answer to Glickenhaus' demand is not received by close of business today, Tuesday October 19, additional remedies, including an injunction in a court of law prior to the first scheduled airing of Stolen Honor October 21, may be sought.
"Our mission is to thwart conservative misinformation in the media and ensure that the media offer the American public fair and balanced access to news and information," explained MMFA President and CEO David Brock. "We determined a stockholder effort is the strongest remaining course of action to force Sinclair to reconsider its decision to air Stolen Honor."
Glickenhaus & Co., a Wall Street investment firm holding 6,100 shares of Sinclair stock, is taking action against Sinclair on behalf of its clients holding shares in Sinclair. General partner Jim Glickenhaus mounted the action based on Sinclair's CEO and directors having a financial obligation to shareholders.
"We are not partisan. We are investors," Glickenhaus explained today. "Sinclair's decision has caused harm to the value of our investment in Sinclair. We believe Sinclair must give equal time to an opposing point of view. Otherwise the company is placing its future and the value of our investment in jeopardy, by putting the renewal of its FCC licenses at risk, alienating local advertisers, and opening itself up to libel suits against the company."
Since Sinclair's decision to air Stolen Honor became public on October 9, the company's stock has fallen nearly 13 percent, as of the close of the market yesterday, October 18, wiping out nearly $90 million in shareholder value.
MMFA's action is the latest in a series of grassroots actions aimed at forcing Sinclair to reconsider its decision to air Stolen Honor. On October 12, MMFA made available to the public the list of the top 20 mutual funds and six pension funds with investments to Sinclair. As a result, shareholders have called their fund managers, demanding immediate divestment of Sinclair stock as a protest against Sinclair's plans.
"We felt that by underwriting the legal costs of Glickenhaus & Co.'s actions, we are sending a message to Sinclair's board and CEO that will make them stand up and pay attention," Brock explains. "Glickenhaus & Co. is a respected firm whose interests are in maintaining shareholder value for its clients."
This action may be heard in a state court prior to the first scheduled airing of Stolen Honor, if Sinclair does not accede to the remedies set forth by Glickenhaus & Co. on behalf of their investors.
Related Links: Glickenhaus & Co. MMFA list of mutual funds and pension funds invested in Sinclair
Posted to the web on Tuesday October 19, 2004 at 12:05 PM EST
This is the type of "legal" activity we can expect for 4 years if the two trial lawyers are elected. This and a whole lot more.
wow kerry is really extremely very scared for people to see this..Makes me feel like I did when I was a teenager and mom told me not to see a movie...Made me sneak out to see what all the fuss was.
IIRC this outfit gets money from Teresa Heinz Kerry--I hope that in discovery the f defense counsel fully explores this.
The irony of it is, Sinclair has had an open offer to KE04 for an appearance on the broadcast in a discussion of the film.
Lurch is desperate to keep these honorable men's faces off the air, and he will send out his minions to do ANYTHING to stop it, including a Soros-funded manipulation of the stock (sorry George, you're a public figure).
Where was the equal time for CBS attack on Bush?
That's really all Sinclair has to say:
"Equal time? Sure, no problem, in fact, we'll give Senator Kerry an extra half hour. What time will he be coming by?"
I sure hope Sinclair doesn't cave! The double standard of the left just sucks. I heard one of the lead Sinclair guys last week say that even the worst that could happen to Sinclair would still be better than the best day one of the P.O.W.'s had. I pray he meant that and stands tall. Besides, they DID invite Kerry to come on and talk to the P.O.W.'s in the film.
I love this statement. Apparently they aren't worried about Liberal misinformation in the media.
And furthermore, how do they know in advance that is is 'misinformation'?
Or from Soros
That offer is already on the table. Senator Kerry or a representative, IIRC.
What about a letter campaign supporting Sinclair and protesting this action against them
Yeah, they aren't partisan.....I just wonder how many of them have seen all this conservative disinformation for themselves
Smith bros. own 90% of stock. Won't give in. Suit for injunction will fail.
Where's the irreparable harm? Glickenhaus has just done the world a favor by disclosing the name of an investment firm to avoid doing business with.
Exactly - which is why this complaint is bogus. Sinclair just needs to have their lawyer write it up & file it as an official response.
This is hot air.
Kerry (or someone of his choosing) was invited and has declined.
Are the lefities thinking that since they declined to be present that the broadcast may not occur?..
Dumb. Really dumb. This will just allow Sinclair to publicize the fact that they HAVE invited equal time but that it was refused by those who demand it.
They're banging their heads against the wall trying to stop this thing any way they can...it must be one hell of an effective film.
Phase 26 of the leftwing Operation: FOOTBULLET
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