Locksmith Capital withholds votes for TravelCenters' director nominees

By Lisa Kerner

Charlotte, N.C., June 2 - Locksmith Capital Management LLC said it withheld its vote for the election of Barry Portnoy and Arthur G. Koumantzelis to the board of directors of TravelCenters of America LLC.

An affirmative vote of a majority of the TravelCenters' outstanding common stock entitled to vote at the meeting is necessary to elect Portnoy and Koumantzelis, according a Locksmith news release.

"We have decided not to invest our time in, and incur the expense of, a withhold campaign," Locksmith managing director Timothy Brog stated in the release, adding that Locksmith's view of TravelCenters' current board and management has not changed.

As previously reported, Locksmith accused Portnoy, Koumantzelis and three additional TravelCenters board members of spending money to "disenfranchise" shareholders.

Brog, in a prior news release, said the board denied shareholders the right to vote for Locksmith's nominees and proposals, creating a "Soviet-style election" and entrenching the current board.

TravelCenters is a Westlake, Ohio, network of full-service travel centers.

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