Presidential Life asks shareholders to reject former CEO's proposals

By Lisa Kerner

Charlotte, N.C., Dec. 7 - Presidential Life Corp. urged its shareholders to reject the proposals put forth by the company's former president and chief executive officer, Herbert Kurz.

The company said it filed a definitive consent revocation statement with the Securities and Exchange Commission and mailed copies of the statement to shareholders along with a gold consent revocation card.

In November, Kurz announced that he had filed a preliminary consent solicitation with the SEC in his bid to remove all members of Presidential Life's board of directors except himself and replace them with his nominees.

Kurz said 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 current CEO and president, Donald Barnes.

"When Mr. Kurz stepped down as CEO in May this year, he pledged his full support for his agreed successor, Donald Barnes, so we are surprised that he has now initiated this disruptive and costly consent solicitation," Presidential Life presiding lead independent director William M. Trust Jr. said in a company news release.

"I have great confidence in the strength of our board of directors and senior management team and, despite this self-serving distraction by Mr. Kurz, we are committed to delivering against our strategic plan for the benefit of all our stockholders."

At the time of his filing, Kurz beneficially owned 2,432,284 shares, or 8.2%, of the Nyack, N.Y., life insurance company's common stock.

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