SCPIE Holdings Again Corrects Stilwell Statements; Urges Stockholders Not to Throw Their Votes Away
June 06 2006 - 8:15AM
Business Wire
SCPIE Holdings Inc. (NYSE:SKP) today provided the following
comments in response to the latest misleading public statements of
the Stilwell Group: "The Stilwell Group's attempts to spin the
truth continue. As we noted yesterday, the Delaware Department of
Insurance has stated unequivocally that the Stilwell Group must
secure the Department's prior approval by filing and clearing a
Form A before seeking to exercise any control over SCPIE, including
holding proxies to vote more than 10% of the outstanding shares of
our common stock. Don't just take our word for it -- read the
letter sent to Stilwell's counsel, which we attached to our press
release of yesterday. Even though the Stilwell crew has had over
four months to file the required form, apparently they couldn't be
bothered with a mere legal requirement." "And look closely at
Stilwell's comments on the Department's action. In the face of the
Department's unequivocal conclusion to the contrary, the Stilwell
Group says they 'believe' they have complied with the applicable
legal requirements and that they 'believe' they can vote your
shares as proxy. But there is not one word of analysis, and not a
single word that refutes the Department's unambiguous finding.
We're just asked to take Stilwell's word for it." "And we have, in
recent weeks, seen exactly how much that is worth. Ask --
particularly if you're a fiduciary -- Joe Stilwell how he can
legally vote your shares in the face of this regulatory statement.
And ask yourself whether you'd want someone who'd be willing to act
that way at the helm of your company. Don't throw your vote away by
giving your proxy to someone who thinks he is above the law (or
perhaps insurance code)." About SCPIE Holdings SCPIE Holdings Inc.
is a leading provider of healthcare liability insurance for
physicians, oral and maxillofacial surgeons, and other healthcare
providers, as well as medical groups and healthcare facilities.
Since the company was founded in 1976, it has carved out a
significant niche in the insurance industry by providing innovative
products and services specifically for the healthcare community.
Important Additional Information Filed with the SEC On May 8, 2006,
SCPIE filed a definitive proxy statement with the SEC and mailed it
to SCPIE's stockholders. WE URGE INVESTORS TO READ THE PROXY
STATEMENT AND ANY OTHER RELEVANT DOCUMENTS THAT SCPIE HAS FILED
WITH THE SEC BECAUSE THEY CONTAIN IMPORTANT INFORMATION. Security
holders are able to obtain a free copy of the proxy statement and
other related documents filed by SCPIE at the SEC's website at
www.sec.gov. SCPIE's proxy statement and other related documents
may also be obtained from SCPIE free of charge by contacting
SCPIE's Communications Department at 310-551-5942. LISTING OF
PERSONS WHO MAY BE DEEMED "PARTICIPANTS" IN THE SOLICITATION AND
CERTAIN INFORMATION CONCERNING SUCH PERSONS IS SET FORTH IN THE
DEFINITIVE PROXY STATEMENT FILED WITH THE SEC ON MAY 8, 2006, WHICH
MAY BE OBTAINED THROUGH THE WEB SITE MAINTAINED BY THE SEC AT
www.sec.gov. SINCE SUCH DATE, WILLIAM A. RENERT, M.D. SOLD 1,895
SHARES OF SCPIE'S COMMON STOCK ON MAY 12, 2006. Forward-Looking
Statements In addition to historical information, this news release
contains forward-looking statements that are based upon the SCPIE's
estimates and expectations concerning future events and are subject
to certain risks and uncertainties that could cause actual results
to differ materially from those reflected in the forward-looking
statements. Forward-looking statements include statements herein
regarding SCPIE's upcoming annual meeting of stockholders. In light
of the significant uncertainties inherent in the forward-looking
information herein, the inclusion of such information should not be
regarded as a representation by SCPIE or any other person that
SCPIE's objectives or plans will be realized.
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