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Life Health > Life Insurance

Imperial Holdings Reaches Settlement with Shareholders

By Michael K. Stanley

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Imperial Holdings Inc., Boca Raton, Fla., has announced that they have finalized a settlement with Opportunity Partners L.P., a member of its largest shareholder group. The settlement abolishes a lawsuit that would have mandated an annual meeting as well as a special meeting for shareholders.

Imperial, a specialty finance company and player in the secondary market for life insurance appointed three new members to its Board of Director— Phillip Goldstein, a retired civil engineer and principal of Bulldog Investors; Andrew Dakos, Principal of Bulldog Investors and Gerald Hellerman, managing director of Hellerman Associates.

The company simultaneously announced the resignation of two directors— Walter M. Higgins III who served as lead independent director and A. Penn Hill Wyrough.

Philip Goldstein said in statement, “We are pleased to be joining the Board and we look forward to  working with the incumbent directors during this period of transition and ultimately toward a goal of maximizing shareholder value.”

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