Institutional Shareholder Services Inc. and Glass Lewis & Co. LLC advised Medley Capital Corp. stockholders to vote in favor of activist investor NexPoint Advisors LP's independent director nominees, Mark Goglia and Stephen Mongillo, at the annual shareholder meeting on June 4.

The proxy advisers said Medley Capital nominees and current directors Seth Taube and Arthur Ainsberg should be removed and cited an opinion from the Delaware Chancery Court that found Medley Capital's board breached its fiduciary duties by entering into the planned merger between Medley Capital, Sierra Income Corp. and Medley Management Inc.