Saturday, 28 March 2015
Last updated 9 hours ago
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.
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…