Imation Urges Arlington Shareholders To Vote On Gold Proxy Card - Quick Facts

(RTTNews) - Imation Corp. (IMN), a shareholder of Arlington Asset Investment Corp. (AI), sent a letter to Arlington shareholders highlighting the need for significant and immediate Board change at Arlington. Imation said Arlington has significantly underperformed over the last five years both on an absolute and a relative basis and is suffering the consequences of a poorly thought-out and poorly executed hedging strategy. Imation urged Arlington Shareholders to vote on the GOLD proxy card for the election of Imation's five director nominees to the Board — Scott Arnold, Barry Kasoff, Raymond Mikulich, Donald Putnam and Brian Maillian.

Imation said: "If elected, our nominees pledge to overhaul the company's compensation practices with an owner's eye to create true alignment of interest between management and shareholders. If we receive a voice in the boardroom and approve the go-forward management structure and strategy at Arlington, we would be prepared to invest up to 15% of the outstanding stock at 1.0x tangible book value to buy out shareholders or improve the balance sheet. This represents an investment of up to $60 million at a premium to current stock trading levels."