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Article: Stilwell Group Required to Obtain Insurance Department Approval for Proxy Solicitation.
- Article from:
- Business Wire
- Article date:
- June 5, 2006
CopyrightCOPYRIGHT 2006 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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LOS ANGELES -- SCPIE Holdings Inc. (NYSE:SKP) announced today that the Delaware Department of Insurance has notified the Stilwell Group that the holding of proxies with respect to more than 10% of the Company's common stock by the Stilwell Group requires the Department's approval, which the Stilwell Group has not attempted to obtain. While SCPIE is studying the implications of the Department's decision, it understands this determination to mean that, if the Stilwell Group does not obtain such approval prior to the Company's upcoming annual meeting (or otherwise overturn the Department's decision), some or all of the proxies it may obtain pursuant to its pending ...