A group led by Hollywood producer Burt...
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A group led by Hollywood producer Burt Sugarman said it plans to solicit proxies among Class A stockholders of Media General, seeking election of three directors representing that class of stock. The family of Media General Chairman D. Tennant Bryan controls the other seven board seats through the firm’s Class B stock. The Sugarman group also filed a civil complaint against the Richmond, Va., firm and its directors in federal court there, alleging securities law violations. The suit alleges that the defendants also violated Virginia law and legal obligations as trustees in rejecting the Sugarman group’s $1.6-billion offer to merge two Beverly Hills firms that he controls, Barris Industries and Giant Group, with Media General.
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