SCPIE Holdings Inc. Continues to Scare Stockholders - The Stilwell Group Reaffirms that Proxies Will Be Voted at Annual Meeting
June 06 2006 - 3:56PM
PR Newswire (US)
NEW YORK, June 6 /PRNewswire/ -- The Stilwell Group responded today
to the incorrect assertion by SCPIE Holdings Inc. (NYSE:SKP) that
the Delaware Department of Insurance has required the Group to
obtain Form A approval before SCPIE's annual meeting. Mr. Stilwell
remarked, "The Stilwell Group is confident that the proxies it has
obtained will absolutely count at the annual meeting. My Group duly
filed, in complete compliance with Delaware insurance law, a
Disclaimer of Control with the Delaware Department of Insurance on
April 27, 2006. Our Disclaimer duly rebutted the 'presumption of
control' occurring when a person holds proxies representing in
excess of 10% of an insurer's shares. Our Disclaimer was
'effective' when we filed it and it remains effective unless and
until the Department disallows it after notice, a hearing and after
making specific findings of fact to support such disallowance. We
have not as of this date received any notice of a hearing by the
Department and the Department has not issued any specific factual
findings to support disallowance of our Disclaimer of 'control.' I
ask you: how can SCPIE possibly argue we could 'control' the
Company if we held only 3 of 12 board seats? It seems to me that
the Company's legal acumen is very similar to their business
acumen." DATASOURCE: The Stilwell Group CONTACT: Mr. Joseph
Stilwell of The Stilwell Group, +1-212-269-5800
Copyright
Scpie (NYSE:SKP)
Historical Stock Chart
From Jun 2024 to Jul 2024
Scpie (NYSE:SKP)
Historical Stock Chart
From Jul 2023 to Jul 2024