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11.4% Shareholders & Former Executive Management of LCA-Vision Express Shock and Disbelief at Recent Adoption of Poison Pill
Date:11/24/2008

he Board of Directors dated November 24, 2008, and filed earlier today with the amendment to their Schedule 13D, they stated, "As we have previously expressed to you, including as recently as our letter dated November 21, 2008, we are significant shareholders who feel financial, ethical, and reputational responsibilities to the Company, its shareholders, physicians, optometrists, and employees. We truly want to help the Board of Directors save LCA-Vision from its apparent path to self-destruction."

"Following immediately on the heels of our most recent letter to you, we were saddened, shocked and in disbelief when we awoke this morning to find that the Board of Directors had adopted a poison pill. Often "shareholder right plans," poison pills and similar type of corporate (mis)governance shenanigans are associated with incompetent Boards of Directors and management teams entrenching themselves and protecting their positions and their compensation at the expense of their shareholders and shareholder value."

The letter goes on to state, "After having used shareholder money to put in place more protective indemnification agreements for themselves earlier this year, LCAV's Board of Directors has again chosen to bill LCA-Vision's shareholders tens of thousands of dollars in legal fees to put the poison pill in place. Similarly, we shall now be required to spend thousands of dollars in legal fees to parse back through the thicket of dense legal language of the poison pill; given the dire circumstances in which the Company now finds itself, this is a path we believe is neither productive nor beneficial to anyone, let alone the Company's shareholders. To be clear, we are not advocates of "ever-escalating arms races" that arguably benefit no one, certainly not shareholders or shareholder value. Rather, we remain hopeful that the Board of Directors will embrace the calls for fundamental change consistent with their fid
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SOURCE Steve Joffe
Copyright©2008 PR Newswire.
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