Corporate GovernanceJun 2, 2026, 06:02 PM
Medallion Financial Rejects ISS/Glass Lewis Recommendations in Proxy Contest
AI Summary
Medallion Financial Corp. issued a statement strongly disagreeing with certain recommendations from ISS and Glass Lewis regarding its 2026 Annual Meeting of Stockholders. The company is facing its third consecutive proxy contest against debtholder ZimCal Asset Management and re-affirms its recommendation to vote FOR only the Board's three nominees. Medallion highlighted its successful business transformation, record net interest income, double-digit book value growth, and increased dividends, while criticizing ZimCal's lack of a credible plan and the alleged improprieties of its nominee, Eric Kelly.
Key Highlights
- Facing third consecutive proxy contest against ZimCal Asset Management.
- Recommends shareholders vote FOR only the Board’s three nominees on the WHITE proxy card.
- Achieved record net interest income and double-digit book value per share growth.
- Increased quarterly dividends by 40%.
- ISS acknowledged "significant growth" over five years, nearly doubling net interest income, total loans, assets, and book value per share.
- Glass Lewis recognized "consistent gains in net interest income" and "substantial portfolio growth."
- Highlighted alleged financial improprieties and value destruction by ZimCal nominee Eric Kelly.
- Stated independent directors thoroughly considered SEC matter in CEO appointment.
Price Impact
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