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Koury denies plan to sell Cape Fear Bank
By Lisa Kerner
Charlotte, N.C., July 1 - Cape Fear Bank Corp. shareholder Maurice J. Koury denied that he and his affiliates intend to sell the company if his director nominees are elected to the company's board of directors on Aug. 19.
The shareholder is nominating Scott Sullivan, Milt Petty, Mort Neblett, Haywood Cochrane Jr., James Mahan III, David Lucht and Robert Isser for election to the board.
"With the problems that currently exist at the company, a sale of the company in today's market does not make sense," Koury said in a statement.
"With our proposed new leadership, the company can remedy its problems, and once resolved, can consider how best to maximize shareholder value," Koury added.
Koury claimed Cape Fear's board of directors refused to meet with him or discuss his vision for the company.
The board also refused to negotiate with Koury when he offered to buy the company for $12 per share and when he attempted to avoid the proxy contest, Koury said.
Koury added that he fears the board, along with chairman and chief executive officer Cameron Coburn, "will sell at any price to avoid allowing the shareholders an opportunity to vote on the election of directors at the annual meeting."
As previously reported, Cape Fear's board of directors had delayed the 2008 annual meeting while the company considered strategic alternatives.
Cape Fear said its board will continue to work with its management team and its financial adviser, McKinnon & Co., to evaluate available alternatives.
McKinnon was directed to solicit interest from third parties for a possible sale of Cape Fear and to explore financing options, a prior Cape Fear news release said.
Cape Fear is the holding company for Cape Fear Bank and is based in Wilmington, N.C.
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