Tuesday, May 08, 2007

Movie Gallery (MOVI) Holder Schultze Seeks Meeting With Board on Shareholder Value-Enhancing Steps

In an amended 13D filing this afternoon on Movie Gallery Inc. (Nasdaq: MOVI) 14.4% holder Schultze Asset Management said they intend to contact management and/or the board of directors of the Company to propose a number of possible shareholder value-enhancing steps.
The firm said such steps may include, but are not limited to, a shareholder rights offering to raise funds from existing shareholders. The possible shareholder rights offering may serve to raise capital from existing shareholders in an effort to reduce bank and/or bond debt so that future interest expense may be lowered and/or to raise cash for general corporate purposes.
Shares of Movie Gallery are 10% higher mid-day.

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