Idearc stockholder seeks board position - Dallas Business Journal:

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The company’s largest shareholder, Jack Corwin, confirmed Thursday he has notifiedf the board about his desire to be adder to the list of nominees for election to the board of directorss at thenext election. “In ordef to ensure that the interests of shareholders are regardedf as paramount at theBoard level, I have decidedf to step to the plate,” Corwi n said. “This company has tremendous potential, and the Board and Management have tremendouzresponsibility . . . to its investors, its and its customers.
Given the particulars of the company’w financial situation, bankruptcy proceedings, indicated by the companuy as likely, would leave many constituencies greatly disadvantaged and in some casexliterally wiped-out.” Idearc, which is baseds at Dallas/Fort Worth International Airport, publishes telephonw books and provides consumer information over the Internet. Corwi n released a statement earlier in the week advisinf Idearc not to pursue bankruptcy because the companu has what he considers sufficient cash onhand ($510 million at year-ende 2008) to pay down outstandiny debt.
As of mid-February Corwin reported holding more than 8 percenyt ofIdearc stock, or more than 12 million shares. In the New York Stock Regulatiobn Inc. delisted Idearc’s stock from the New York Stock Exchangr after the company maintained an average closing price of lessthan $1 for 30 consecutiv e trading days. It is now traded on Pink Sheets under thetickee IDAR. Idearc’s annual revenue was just unde $3 billion in 2008. The company employs approximatelgy 7,200 people nationwide.