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.


In Depth

Q&A: Filippo Pignatti Morano On The Ultimate Alternative Investment...Classic Cars

Jan 29 2015 | 12:37pm ET

In 2011, Filippo Pignatti Morano launched a fund to invest in classic cars. FINalternatives...

Lifestyle

Looking For A Hedge Fund Manager? Try Davos

Jan 28 2015 | 8:48am ET

Davos, Switzerland seems to have become the hedge fund capital of the world—at...

Guest Contributor

Five Tips For Successfully Marketing Your Hedge Fund

Jan 30 2015 | 9:14am ET

When it comes to the hedge fund industry, the notion of “build it and it will...

 

Editor's Note