Exhibit 99.2
| | Richard D. Lara Executive Vice President & General Counsel Phone: 305-644-4824 rlara@sbscorporate.com |
April 27, 2018 | | |
Stornaway Recovery Fund LP
30 St. Clair Avenue West
Suite 901
Toronto, Ontario
Canada
M4V 3A1
Re: | Notice of Ineffective Purported Purchase of Series B Preferred Stock |
To whom it may concern:
We are writing to notify you that Spanish Broadcasting System, Inc. (the “Company”) shall hereafter treat your claimed ownership of the Company’s 10 3/4% Series B Cumulative Exchangeable Redeemable Preferred Stock (the “Series B Preferred Stock”) as void and non-existent since you attempted to acquire these shares in transactions that, if given effect, would violate the Company’s Third Amended and Restated Certificate of Incorporation (the “Charter”), or that were otherwise ineffective, pursuant to the terms of Article X of the Charter, unless and until you can demonstrate facts to the contrary supported by relevant documentation. Requests for information have previously been sent to you and your counsel, and yet, the Company has not received information from you or your counsel that is fully responsive to these requests. Instead, it has come to the Company’s attention that there is evidence that your attempted purchase of shares of the Series B Preferred Stock were ineffective and, therefore, void, as mentioned above.
The Company’s Charter has been publicly available, and notice of this issue has been publicly disclosed numerous times, including as set forth in the Notice to Holders of the Company’s Series B Preferred Stock dated November 28, 2017, the Company’s Current Report on Form 8-K of the same date, a second Notice to Holders of the Company’s Series B Preferred Stock dated January 9, 2018, the Company’s press release dated March 26, 2018 and the Company’s Current Report on Form 8-K as of the same date. Absent hearing from you, or your counsel, demonstrating to the Company facts to support a contrary position, you will not be recognized as a valid holder of the Series B Preferred Stock. We urge you to refrain from representing otherwise or attempting to trade these shares.
Any response, with supporting documentation, should be sent to Spanish Broadcasting System, Inc., 7007 NW 77th Avenue, Miami, Florida 33166, Attn: Richard D. Lara, Esq., General Counsel.
Spanish Broadcasting System, Inc.
PABLO RAÚL ALARCÓN MEDIA CENTER 7007 NW 77TH AVENUE, MIAMI, FL 33166
|
Very truly yours, |
|
/s/ Richard D. Lara |
Richard D. Lara |
Executive Vice President and |
General Counsel |
cc:Patrick J. Nash, Jr., Esq., Kirkland & Ellis LLP
Mark D. Schneider, Esq., Sidley Austin LLP
Meredith S. Senter, Jr., Esq., Lerman Senter PLLC
Pedro A. Jimenez, Esq., Jones Day
Robert S. Saunders, Esq., Skadden
Spanish Broadcasting System, Inc.
PABLO RAÚL ALARCÓN MEDIA CENTER 7007 NW 77TH AVENUE, MIAMI, FL 33166
