On January 30, 2019, FrontFour Capital Group LLC, announced that it has issued a letter to shareholders of Medley Capital Corporation highlighting the concerns proxy advisory firm Institutional Shareholder Services (ISS) has regarding the proposed combination of Medley Capital, Sierra Income Corporation, and Medley Management Inc. and reiterating its view that there are superior alternatives to unlock value for the Company shareholders. FrontFour Capital stated that ISS has concerns with the proposed related party transaction and deems a shareholder’s rejection of the deal as reasonable. In addition, FrontFour Capital expressed its view that there are superior alternatives to the proposed transaction that would maximize value for all Company shareholders, including an outright sale or windup.