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SCHEDULE 14A INFORMATION
Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934
(Amendment No. )
Filed by the Registrant [ ]
Filed by a Party other than the Registrant [x]
Check the appropriate box:
[ ] Preliminary Proxy Statement
[ ] Confidential, for use of the Commission Only (as permitted by
Rule 14a-6(e)(2))
[ ] Definitive Proxy Statement
[x] Definitive Additional Materials
[ ] Soliciting Material Pursuant to ss. 240.14a-11(c) or ss. 240.14a-12
COMSAT CORPORATION
(Name of Registrant as Specified In Its Charter)
PROVIDENCE CAPITAL, INC./WYSER-PRATTE & CO., INC
(Name of Person(s) Filing Proxy Statement)
Payment of Filing Fee (Check the appropriate box):
[x] No fee required
[ ] Fee computed on table below per Exchange Act Rules 14a-6(i)(4) and 0-11.
1) Title of each class of securities to which transaction applies:
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2) Aggregate number of securities to which transaction applies:
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3) Per unit price or other underlying value of transaction computed
pursuant to Exchange Act Rule 0-11:
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4) Proposed maximum aggregate value of transaction:
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5) Total fee paid:
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Set forth the amount on which the filing fee is calculated and state
how it was determined.
[ ] Fee paid previously with preliminary materials.
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Act Rule 0-11(a)(2) and identify the filing for which the offsetting
fee was paid previously. Identify the previous filing by registration
statement number, or the Form or Schedule and the date of its filing.
1) Amount Previously Paid:
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4) Date Filed:
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News Release MacKenzie Partners, Inc.
156 Fifth Avenue
CONTACT: New York, NY 10001
- -------- 212 929-5500
Stanley J. Kay, Jr. FAX 212 929-0308
MacKenzie Partners, Inc.
(212) 929-5940
NEW YORK, NEW YORK, April 22, 1997 --- In light of yesterday's announcement of
the decision by the Board of Directors of COMSAT Corporation (NYSE:CQ) to
schedule the Company's annual meeting for Friday, August 15, 1997, Providence
Capital, Inc. and Wyser-Pratte & Co., Inc. announced today that they would
withdraw their solicitation for consents to hold a special meeting of the
Company's shareholders.
Previously, COMSAT had indefinitely postponed its annual meeting for the
election of directors from its original date of May 16.
Herbert A. Denton, President of Providence Capital, Inc. and Guy P.
Wyser-Pratte, President of Wyser-Pratte & Company, Inc. said, "We very much
look forward to participating at the August 15 meeting of shareholders. We are
delighted that the present Board of COMSAT has decided to allow the
shareholders of COMSAT the opportunity to exercise their fundamental right to
determine the future direction of the Company by electing directors at the
annual meeting."
"We are disappointed, however," they continued, "that COMSAT's Board has not
adopted a 'one share, one vote policy.'" The present Board of COMSAT continues
to leave in place limitations on the voting rights of holders of more than 5%
of the Company's shares."
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