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January 28, 2008 at 01:47 PM
Oliver Press Partners L.L.C. says it wants more influence over the management of a large financial services company.
Oliver Press, New York, has filed a notice with the U.S. Securities and Exchange Commission stating that it intends to wage a proxy fight in an effort to put 3 directors of its choosing on the board of Phoenix Companies Inc., Hartford.
“We are taking this step because we believe strategic and operational changes are needed to enhance value for stockholders and to protect the long term interests of policyholders,” Augustus Oliver and Clifford Press, managing members of Oliver Press, New York.
Oliver Press, which says it and allies control 4.99% of the common shares of Phoenix, says it wants to nominate Oliver, a lawyer who serves on the board of Scholastic Corp., New York, to the Phoenix board.
Oliver Press also wants to nominate Carl Santillo, who has been an executive of American International Group Inc., New York, and John Clinton, a principal at Farmington Capital Management L.L.C., Hartford, a private equity firm that is a successor to a company formed by Conning & Company, Hartford.
