LOS ANGELES — Investment Funds Liberation Investments L.P. and Liberation Investments Ltd. have notified Bally Total Fitness Holding Corp. of their intention to submit certain governance proposals for approval at Bally's July 29 annual meeting of stockholders.
The Liberation Funds, which owns less than 6 percent of Bally's outstanding shares, said the proposal relates to several topics.
First, the fund is recommending separating the offices of chief executive officer and chairman of the board, both currently filled by Paul Toback.
Other initiatives proposed include removal of the company's stockholder rights plan, declassification of the company's board of directors and the adoption of a mandatory retirement age for directors of 75 years old.
The Liberation Funds said they intend to file a proxy statement and other relevant documents with the SEC in support of the proposals.