Steel, Body-Armor Co. Set For Showdown

Aug 14 2008 | 10:48am ET

Body-armor maker Point Blank Solutions may need an activism-proof vest after getting shot down in court.

A Delaware judge has denied Point Blank’s bid to postpone its annual meeting, setting up a shootout with activist hedge fund Steel Partners on Tuesday. The Pompano Beach, Fla.-based company had already postponed the meeting from April 22 to seek alternatives to enhance shareholder value. It later sought another delay to continue talks with potential investors or buyers.

Steel, which owns 9.6% of Point Blank, blasted the first delay as a “brazen, banana-republic-like maneuver,” and accused it of seeking the second delay out of “fear of losing an election contest.” Steel has nominated five candidates for election to the company’s board.

The hedge fund also sued Point Blank to force it to hold the meeting before Tuesday. The two sides later agreed on Tuesday for the meeting, with any further postponement needing court approval.

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