Commenting on the decision on behalf of the Committee,
Mr. Rosenfeld continued, "Today's decision confirms what we have believed all along -- that this lawsuit was nothing more than a desperate and frivolous attempt to block the democratic process, scare shareholders from talking to us and further entrench the Board. Justice prevailed. Unfortunately, this Board wasted a considerable amount of shareholders' money to frivolously sue one of its largest shareholders. At least now, they can be held accountable. Given the lengths to which this Board has gone to entrench itself, including its unsuccessful attempt to subpoena 17 third-parties including several of the Company's largest shareholders, we are very concerned that the Board will unilaterally postpone the vote if it is losing the election next week. That is not the way democracy is supposed to function."
The Committee strongly encourages Charming Shoppes shareholders to sign,
date, and return the WHITE proxy card and vote FOR Arnaud Ajdler, Robert
Frankfurt and
Contact: Crescendo Partners II, L.P. Eric Rosenfeld or Arnaud Ajdler, (212) 319-7676 Myca Partners, Inc. Robert Frankfurt, (212) 587-7611
SOURCE The Charming Shoppes Full Value Committee