Opportunity Partners suing Imperial Holdings to compel them to have their shareholders meeting
BOCA RATON, Fl—Specialty finance firm, Imperial Holdings, Inc.(NYSE: IFT) announced today that Opportunity Partners, L.P., a shareholder currently suing them to compel an annual meeting of shareholders has delivered a demand to hold a special meeting of shareholders on behalf of shareholders.
As previously reported, Imperial postponed its annual meeting of shareholders scheduled on May 17, 2012 because of the company was unable to file an annual report with the Securities and Exchange Commission due to their inability to value their assets associated with the FBI raid in September. The raid was due to an investigation by the U.S. Attorney’s Office for the District of New Hampshire into the company’s life settlement business. The company recently announced a settlement with authorities regarding this matter. The investigation was not into the company’s structured settlement purchasing transactions.
Imperial is working diligently to file its annual report and plans to set a new annual meeting date as soon as possible but could not guarantee that the meeting would take place before the August 20, 2012 deadline.
As part of the settlement, former President and COO, Jonathan Neuman stepped down from the Imperial’s board of directors and is no longer an employee.
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