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This is a Letter From Nicusa Capital Urging BioClinica Shareholders to Vote AGAINST Proxy Proposal 2 and WITHHOLD Votes From Incumbent Directors Berg, Olukotun, Parker and Weinstein on 2011 Proxy
Date:5/4/2011

in April.  Glass Lewis specifically recommends that shareholders vote against the BioClinica Poison Pill, saying that it "unreasonably prohibits shareholders from being allowed to vote on a potential offer" for the Company and that the Poison Pill "is not in shareholders' best interests."

We urge all shareholders to follow Glass Lewis's lead and join us in voting against management's Poison Pill.

Compensation

At BioClinica, shareholder returns have had no bearing on executive compensation.  Messrs. Berg, Olukotun and Parker may be fine directors otherwise, but as members of the Compensation Committee, they have not held management accountable for performance.  We had hoped to have a "say-on-pay" vote this year to voice our frustration with BioClinica's overly generous and unaccountable executive pay structure. Absent a "say-on-pay", we have no choice but to withhold our vote from the incumbent members of the Compensation Committee, and urge all shareholders to join us in doing so.

Let us review a few facts regarding CEO Mark Weinstein's compensation.  During the eight-year period from 2003 through 2010, BioClinica reported net income of $13.2 million and pre-tax income of $21.3 million.  During that same period, Mr. Weinstein took home total compensation of $4.9 million.  Put another way, Mr. Weinstein was paid $0.40 for every BioClinica share, while the Company only reported $1.07 per share in aggregate earnings.  Over the last eight years, Mr. Weinstein has personally received the equivalent of 37% of BioClinica's net income and 23% of its pre-tax income.  

From December 31, 2003 to December 31, 2010, BioClinica's stock price fell from $6.23 to $4.46, a total return to shareholders of -28% and a compound annual return of -4.7%.  In contrast, the average annual increase in compensation for Mr. Weinstein has been 14%, and his total compensation during this period has incre
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SOURCE Nicusa Capital
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