Activist Manager Catches Bank Chair Sleeping On Job

Apr 11 2014 | 9:05am ET

Activist hedge fund Stilwell Value Partners has caught the board of a bank it has in its sights sleeping on the job—quite literally.

Joseph Stilwell's fund, which owns an estimated 9.6% of Harvard Illinois Bancorp, filed a picture of the bank's chairman catching a few z's at an annual meeting. The photo, part of a Schedule 14A SEC filing, carried the following caption:

“Below is a picture taken at last year’s annual shareholder meeting of our Bank’s Chairman. None of the other board members bothered to wake him up. If you, like me, believe it’s time to bring a fresh influence to our Bank’s board of directors, please vote the GREEN proxy card for Mark Saladin. Sincerely, Joseph Stilwell”

Saladin is Stilwell's board nominee.


In Depth

Fundraising for Mid-Sized PE Funds: Should You Use a Registered B/D?

Dec 6 2016 | 7:18pm ET

When does a fund sponsor need to use a registered broker/dealer when raising capital...

Lifestyle

Trump Attends 'Villains and Heroes' Costume Party Dressed As...Himself

Dec 5 2016 | 11:16pm ET

U.S. President-elect Donald Trump attended a "Villains and Heroes" costume party...

Guest Contributor

Nowhere to Hide: Why the Future of Asset Management Depends on Innovation

Nov 15 2016 | 6:55pm ET

Information technology has reshaped the asset management industry’s periphery,...

 

From the current issue of

Since the inception of Modern Trader, a core editorial theme has centered on the wisdom and power of crowds. Editorial emphasis has focused on companies and projects engaged in the collection and analysis of information. 

AVAILABLE NOW at BARNES & NOBLE

NEWSTAND LOCATOR