Bow Street-nominated Mack-Cali directors speak out

Four Mack-Cali (CLI+0.4%) directors who were elected to the REIT's board last year say they've been excluded from important discussions and decision-making and were assigned to committee positions that were "designed to be uninfluential, in a coordinated effort by CEO Michael J. DeMarco and lead independent director Alan Bernikow."

Alan Batkin, Frederic Cumenal, MaryAnne Gilmartin, and Nori Gerardo Lietz were elected to CLI's board last year after being nominated by activist investor Bow Street; CLI refused to include them on its slate this year.

"Simply put, our views have been unwelcome and concerns we have raised were consistently ignored," said Batkin, Cumenal, Gilmartin, and Lietz in a statement.

They contend that Mack-Cali has dismissed them as instrument of Bow Street, but the four directors say they're "four fully independent individuals Simply put, our views have been unwelcome and concerns we have raised were consistently ignored."

They also say they're not out to conduct a "fire sale" of the company, as Mack-Cali claims, but only interested in increasing shareholder value.

Bow Street has renominated the four directors for this year's director elections.

Previously: Bow Street officially launches Mack-Cali proxy fight (May 6)

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