BETHESDA, Md.-Comsat Corp. settled a potential proxy contest with Herbert Denton and Guy Wyser-Pratte in connection with the election of directors at Comsat’s annual meeting, which is scheduled for Aug. 15.
According to terms of the settlement, four new directors will stand for election to Comsat’s board of directors, two of whom will be selected by the company’s board of directors and two of whom will be chosen by members of the Denton/Wyser-Pratte group. The remaining eight members will be selected by Comsat’s board of directors from the current elected directors.
Comsat will announce its selections this month. The designees from the Denton/Wyser-Pratte group are Wyser-Pratte and Larry Schafran of L.G. Schafran and Associates and chairman of the executive committee of Dart Group Corp.
