Kurz Seeks New Board For Presidential

If his slate of candidates were elected to the board, Kurz would ask them to replace the company’s new CEO Donald Barnes and recruit a new top executive who would “restore our company’s core values–simple products, stringent cost controls and prudent investments,” he wrote.

Earlier this week, Presidential Life filed a document with the U.S. Securities and Exchange Commission disclosing that the foundation, overseen by Kurz, had filed a tax return that failed to comply with Federal rules

“I believe that you will share my outrage that the current board has chosen to respond to my consent solicitation by launching what I see as a stream of vicious attacks on my family’s charitable foundation,” Kurz states in his letter. “For the record, the foundation and its advisors voluntarily approached the IRS many months ago,” which he noted was before he announced plans to ask other shareholders to replace the current directors with a new slate.