SCHEDULE 14A INFORMATION
Proxy Statement Pursuant to Section 14(a) of the Securities
Exchange Act of 1934
(Amendment No. )
Filed by Registrant [ X ]
Filed by a Party other than the Registrant [ ]
Check the appropriate box:
[ ] Preliminary Proxy Statement
[ ] Confidential, for Use of the Commission Only (as
permitted by Rule 14a-6(e)(2))
[ X ? Definitive Proxy Statement
[ ] Definitive Additional Materials
[ ] Soliciting Material Pursuant to Sec. 240.14a-11(c) or
Sec. 240.14a-12
. . . . . . . . . . . . . . . . . . . . . . . The Gabelli
Global Multimedia Trust Inc. . . . . . . . . . . . . . . . . .
. . . . . . .
(Name of Registrant as Specified In Its Charter)
. . . . . . . . . .
(Name of Person(s) Filing Proxy Statement, if other than the
Registrant)
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One Corporate Center The Gabelli Global
Multimedia Trust Inc.
Rye, NY 10580-1434
Tel. (914) 921-5070
Fax (914) 921-5118
http://www.gabelli.com
[email protected]
June 24, 1998
Dear Fellow Shareholder:
By now you have received our invitation to attend our
annual meeting on June 29, 1998 at the Library in Greenwich,
Connecticut.
I need you to focus your attention on the proxy. The proxy is
the shareholders' way to annually provide guidance and input to
the Board of Directors on items impacting corporate governance.
Last year our shareholders endorsed management's request to issue
senior securities. Our recent annual report reviewed again what
the Multimedia Trust is doing. We were sued for issuing a
preferred stock by Opportunity Partners L. P. According to press
reports, Opportunity Partners and its leader Phillip Goldstein,
have been active in "launching fights against closed-end funds"
and "fundbusting." As summarized in our proxy statement,
Opportunity Partners' complaint alleges that your 1997 vote was
based on inadequate information. We disagree.
We have always operated in a fishbowl and have shared with you
all material and important elements concerning our stewardship of
our common assets. If Opportunity Partners had contacted us
about their concerns regarding the 1997 vote we would have been
happy to discuss whether a second shareholder vote was necessary
under the circumstances. Instead, Opportunity Partners ambushed
us by commencing litigation without any prior dialogue. Plain
and simple, their lawsuit is a drain on all of us. By including
in this years' proxy material additional disclosures that
Opportunity Partners alleges were not sufficiently addressed in
the 1997 proxy statement, we think your vote will render this
suit moot!
We would like you to ratify the Board's current authority
to issue senior securities by voting for Proposal #3. If you
have any questions, I am personally available to answer your
inquiry.
Sincerely,
MARIO J. GABELLI
Mario J. Gabelli
One Corporate Center The Gabelli Global
Multimedia Trust Inc.
Rye, NY 10580-1434
Tel. (914) 921-5070
Fax (914) 921-5118
http://www.gabelli.com
[email protected]
June 24, 1998
Dear Fellow Preferred Shareholder:
I am writing to invite you to attend the Annual Meeting of
Stockholders of The Gabelli Global Multimedia Trust, which will
be held at 9:30 a.m. on Monday, June 29, 1998, at the Cole
Auditorium, Greenwich Public Library, 101 West Putnam Avenue,
Greenwich, Connecticut.
At the Annual Meeting, one of the proposals that
shareholders will be asked to vote upon is a proposal to ratify
the Board's current authority to issue senior securities. I
would like you to personally focus your attention on our Proxy
statement previously distributed to you.
On June 4, 1997, the Trust successfully completed its
offering of cumulative preferred stock which was rated 'aaa' by
Moody's Investors Service, Inc. The Trust issued 1,250,000
Preferred Shares at $25 with an annual coupon rate of 7.92%. The
Preferred Shares, which trade on the New York Stock Exchange
under the symbol "GGT Pr", closed at $25.50 on June 17, 1998,
reflecting the recently declared semi-annual distribution of
$0.99 per share. Future distributions will be paid on a
quarterly basis.
The Trust has been sued by Opportunity Partners L.P. to
rescind the outcome of the Trust's shareholder vote in 1997 and
the issuance of the preferred stock that you own based on alleged
inadequate information in the 1997 proxy statement. Your Board
believes the Trust will continue to benefit from the issuance of
preferred stock and at the same time wants to avoid the drain on
the Trust's resources caused by this lawsuit. This is why we
want you to focus on Proposal #3 to ratify authority to issue
senior securities in our 1998 Proxy. Your Board believes this is
beneficial to you as a preferred shareholder and recommends a
favorable vote. Your vote is important to us.
Thank you for the confidence you have placed in The Gabelli
Global Multimedia Trust.
Sincerely,
MARIO J. GABELLI
Mario J. Gabelli
VIA EDGAR
June 24, 1998
Securities and Exchange Commission
Judiciary Plaza
450 Fifth Street, N.W.
Washington, D.C. 20549
Attention: Office of Filings, Information and Consumer
Services
Re: The Gabelli Global Multimedia Trust Inc. (the "
Trust")
REVISED Definitive Proxy Materials
File No. 811-08476
Dear Staff Member:
Pursuant to Section 14(a) under the Securities Act of 1934,
as amended, (the "1934 Act"), please find enclosed for
filing on behalf of the Trust, one copy of a revised Letter
from the Chairman of the Trust to the Common shareholders
and one copy of a revised Letter from the Chairman of the
Trust to the Preferred shareholders (the "Shareholder
Letters"). The Trust's preliminary proxy materials were
filed electronically on May 22, 1998 as Accession Number
#0000927405-98-000164 and the definitive proxy materials
were filed electronically on June 5, 1998 as Accession
Number #0000927405-98-000186.
By copy of this letter, we are also delivering by overnight
mail six (6) copies of the Shareholder Letters to the New
York Stock Exchange ("NYSE") in accordance with Rule 14a-
6(b) under the Exchange Act and applicable NYSE rules.
Should members of the Commission's staff have any questions
or comments concerning this filing, they should contact
Paula Gilligan at (617) 573-1223. Please return an
electronic transmittal as evidence of your receipt of this
filing.
Very truly yours,
PAULA GILLIGAN
Paralegal Manager
cc: B. Thompson, Securities and Exchange Commission
B. Alpert, The Gabelli Global Multimedia Trust, Inc.
P. Latartara, The Gabelli Global Multimedia Trust,
Inc.
D. Schloendorn, Esq.
M. Adelfio, Esq.
J. Tedesco, Esq.
T. Hamlin, Esq.
New York Stock Exchange
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