Presidential Life's former CEO prepares to begin consent solicitation

By Lisa Kerner

Charlotte, N.C., Nov. 9 - Herbert Kurz, former president and chief executive officer of Presidential Life Corp., filed a preliminary consent solicitation on Friday with the Securities and Exchange Commission, according to a schedule 13D/A filed with the SEC on Monday.

Kurz wants to remove all members of the company's board of directors except himself and replace them with his nominees.

He also wants to amend the company's bylaws to fix the size of the board at nine members.

If Kurz's nominees are elected, Kurz intends to replace the company's chief executive officer and president, Donald Barnes.

Kurz beneficially owns 2,432,284 shares, or 8.2%, of the Nyack, N.Y., life insurance company's common stock.

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