Delaware Department of Insurance Rescinds Form A Request Letter to Stilwell Group - Acknowledges Department Employee Failed to
June 08 2006 - 11:02AM
PR Newswire (US)
NEW YORK, June 8 /PRNewswire/ -- The Stilwell Group announced today
its receipt of a letter from the Delaware Department of Insurance
rescinding the Department's June 2nd letter concerning a subsidiary
of SCPIE Holdings Inc. (NYSE:SKP) which had requested that the
Group file a Form A in connection with its ongoing proxy
solicitation. The Department confirmed Stilwell's belief that its
disclaimer may only be disallowed after notice and an opportunity
to be heard and noted that the June 2nd letter was sent by an
employee without the knowledge or approval of the employee's
supervisors. A copy of the letter follows. Mr. Stilwell noted: "The
desperate attempt by SCPIE management failed. I look forward to the
owners casting their votes for three directors on June 22nd."
Matthew Denn [Seal of Delaware Department of Insurance Insurance
Commissioner Insurance Commissioner] 841 Silver Lake Blvd. Dover,
DE 19904-2465 (302) 674-7300 (302) 739-5280 fax June 7, 2006 VIA
ELECTRONIC AND REGULAR MAIL Mr. Neil B. Glassman The Bayard Firm
222 Delaware Avenue, 9th Floor Wilmington, DE 19801 Dear Mr.
Glassman: I am responding to your letter of June 7, 2006. The
letter sent to Stilwell Value Partners III, L.P. by a Department of
Insurance employee on June 2, 2006 was procedurally defective, and
was sent from the Department without the knowledge or approval of
the employee's supervisors. Accordingly, the letter of June 2, 2006
is hereby rescinded. The appropriate response from the Department
to the receipt of Stilwell's disclaimer was, upon request of a
party in interest, to conduct a hearing and make appropriate
findings of fact and conclusions of law. Only after such a hearing
can the Department reach any conclusion as to whether the
disclaimer should be disallowed. The Department will promptly
schedule a hearing, consistent with Delaware statute, upon the
request of any party in interest. I regret any inconvenience or
confusion caused by this failure by the Department's employee to
follow statutory hearing procedures. Sincerely, /s/ Michael L. Vild
Michael L. Vild Deputy Insurance Commissioner cc: The Honorable
Matthew P. Denn Glenn C. Kenton (by facsimile) DATASOURCE: The
Stilwell Group CONTACT: Mr. Joseph Stilwell of the Stilwell Group,
+1-212-269-5800
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