The founder and former chief executive officer of Presidential Life Corp. has failed in a second attempt to secure shareholder approval to install a hand-picked slate of directors and to reinstate himself as the company’s CEO.
Presidential Life (Nasdaq: PLFE), Nyack, N.Y.), says preliminary information from a proxy solicitor indicates that the holders of a majority of outstanding shares of Presidential Life common stock voted in favor of all 8 director-nominees of the Presidential Life board today at the company’s annual stockholders’ meeting.
Herbert Kurz had filed definitive proxy materials to replace all 8 directors. He attended the meeting today but did not put forth his nominees, Presidential Life says.
“We would like to thank the stockholders for their support and look forward to continue serving them,” William Trust Jr., Presidential Life’s chairman, says in a statement. “We remain focused on executing against our strategic plan and creating value for all of the company’s stockholders.”
Presidential Life says an independent inspector of elections, IVS Associates Inc., Wilmington, Del., will review the proxies submitted to it and issue a preliminary tabulation of voting results. The company will report the results on a Form 8-K within 4 business days.
The final results are expected to be available shortly thereafter.