Life goes on at Clear Channel

With no resolution in sight for its legal battling with six big banks over financing for its going private buyout, Clear Channel Communications has scheduled an annual shareholders meeting for May 27th. Public shareholders, who hadn’t expected to still be shareholders at this point, are being asked to re-elect the company’s directors and approve routine matters. They will also get to vote on four proposals from shareholders which are opposed by the board of directors, including one which would prohibit the company from paying millions to cover tax liabilities if Lowry, Mark or Randall Mays leave the company for any reason prior to the merger closing. Another would give shareholders an opportunity each year to vote in a referendum on whether pay for top executives is appropriate.

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