Steel Partners has sent a letter to Point Blank Solutions pressing for the company to stop postponing its annual meeting. The letter is the latest in a long proxy battle between the activist investor and its target. Steel Partners, which owns a 7.9% stake in Point Blank Solutions, is nominating five directors for the company's board and has been waiting since April 22 for the meeting. The Delaware Court has even ruled that Point Blank must hold its annual meeting by August 19. Still, the company attempted to delay the meeting again on July 25.
The proxy battle began last October when Steel Partners first privately offered a bid for Point Blank. A week before the bid became public, Point Blank's former CEO David H. Brooks was arrested on charges including fraud and insider trading. Point Blank's current Chairman and CEO Larry Ellis rejected the bid on November 9, 2007, but the company's share price has fallen steeply since then. Steel Partners is urging the company to stop misleading its shareholders and
negatively impacting shareholder value. |
