Business
Tix Corporation Sends Letter to Stockholders
Tix Corporation Sends Letter to Stockholders.
About this update from Tix Corporation
[{"type":"text","content":"IMPORTANT INFORMATION FROM YOUR BOARD OF DIRECTORS June 30, 2011 To our Stockholders: You may have recently seen Baker Street Capital’s “Open Letter to Tix Corporation Stockholders,” which was disseminated on June 27. In that letter, Baker Street, an activist hedge fund that has been a holder of Tix stock for approximately eight months, has made a host of self-serving and misleading statements criticizing your Board of Directors and has threatened to nominate director candidates that, if elected, would give Baker Street control of your Company. We believe it is important to set the record straight and we urge you to read this letter in its entirety as it contains important information about the future of your Company. The Company’s exceptional recent success, as described below, has been and continues to be highly dependent on carefully cultivated close personal relationships between members of current management and the Company’s significant business partners, including Las Vegas hotels, show producers, restaurants and landlords. While Tix has had outstanding growth over the past several years, during the same period several other companies have attempted and failed to compete in this market. Tix believes that one of the principal reasons that it has succeeded where others have failed is as a direct result of these close personal relationships. Baker Street’s threat to take control of your Company poses a substantial risk to your entire investment as it threatens to tear apart these close personal relationships that have provided the foundation for the Company’s success and are crucial for the Company’s future growth. WHO IS BAKER STREET? · Baker Street is a neophyte activist hedge fund that has only been operating for approximately two years, with a Chief Investment Officer and Founding Partner, Vadim Perelman, who is only seven years out of school with limited business experience. · In the short time that Baker Street has been a stockholder of the Company, Baker Street has gone from being Tix management’s biggest fan to their harshest critic. Just a few months ago, Perelman wrote nine times to Tix ...