Everest Special Situations seeks representation on Concord Camera board

By Lisa Kerner

Charlotte, N.C., May 20 - Concord Camera Corp. investor Everest Special Situations Fund, LP expressed its "discontent" with the company in a May 20 letter to Concord Camera's chairman, chief executive officer and president Ira B. Lampert.

Everest, a 6.06% shareholder, demanded Concord Camera immediately add a director to its board to accelerate a liquidation or sale process and suggested the CEO of the general partner of Everest, Elchanan (Nani) Maoz, as the new director.

The investor, in making the recommendation, cited Concord Camera's 17 consecutive quarters of losses and earnings of only 10.7% in gross margins despite manufacturing in China.

Everest said in its letter that the company's management should not be relied upon to do the right thing in a wind-down/liquidation or a sale of the company.

In February, Everest sought to assist Concord Camera in exploring strategic alternatives and considered seeking representation on the company's board.

Based in Hollywood, Fla., Concord Camera develops, manufactures and sells single-use and 35 mm traditional film cameras.

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