Client RiverNorth Capital Launches Campaign to Seek Board Representation and the Termination of the External Manager at Fifth Street Finance Corp.
Forbes, Financial Times and Barron’s reported on the launch of a campaign by Olshan client, RiverNorth Capital Management, seeking the election of three director candidates to the Board of Fifth Street Finance Corp. and a proposal to terminate Fifth Street’s External Manager. RiverNorth is the largest stockholder in Fifth Street reporting a 6% stake and published an open letter laying out a detailed strategic plan. The letter addresses Fifth Street’s dramatic underperformance, problematic conflicts of interest and abusive fee structure and outlines immediate actions needed to change the direction of the Company and improve the valuation of Fifth Street’s shares. Andrew Freedman represented RiverNorth Capital Management in connection with its activist campaign at Fifth Street.