"Legal Showdown Likely After Washington Bank's Proxy Battle"
"First Financial Northwest in Renton, Wash., and Stilwell Partners are both claiming victory following last week's annual meeting. A representative for the activist shareholder has threatened a legal challenge if its nominee isn't added to the board."
Isn't Spencer Schneider the snake that was fired from First Financial Bank? Or did Spencer Schneider purposely create a situation where the bank would be taken over? Did Spencer Schneider violate any Banking Laws? Got a tip regarding Spencer Schneider? Got a Tip Regarding Spencer Schneider and Joseph Stilwell?
Sure seems that Spencer Schneider is up to no good and maybe, possible, in my opinion, Spencer Schneider may have even violated Anti-Trust laws. Maybe Spencer Schneider will get indicted and hopefully Joseph Stilwell and Kevin Padrick along with him. At the very least Spencer Schneider is a dumb ass for not signing the paperwork properly and therefore should NOT get to use this underhanded trick to take over First National. Spencer Schneider should be investigated by the Department of Justice, in my Opinion.
More of the Article
"Stilwell disclosed in a Securities and Exchange Commission filing Friday that he has filed a lawsuit against the $1 billion-asset First Financial seeking to invalidate the results of the company's recent board elections in which the CEO, Victor Karpiak, defeated Stilwell's nominee, Spencer Schneider.
Stilwell maintains that the results were bogus because the company did not count 8 million votes that he claims were properly cast for Schneider. Had they been counted, Schneider would have handily defeated Karpiak, Stilwell said in the lawsuit filed in King County (Wash.) Superior Court.
"This is a travesty of corporate governance," Stilwell said in the suit. "And the result is that an incumbent director that a majority of shareholders sought to evict from his position will instead now illegitimately continue to be in a position to make fundamental, irrevocable decisions about the corporation's path and future, against the shareholders' wishes."
Stilwell, who owns about 8.5% of First Financial's shares, wants his own representative on the board to pursue his agenda of ousting Karpiak and pressuring the board to put the company up for sale.
But First Financial argues that the 8 million proxy votes cast for Schneider were invalid because Schneider himself failed to sign a master ballot. The decision was confirmed by the proxy tabulation service Carl T. Hagberg and Associates.
Stilwell has filed the suit against the bank, Karpiak and the proxy service's inspector, Raymond Riley. He claims that Riley had preliminarily declared Schneider the winner but later backtracked under pressure from bank officials.
"Riley chose to do an about-face and treat those valid proxy votes as 'non-votes' at the self-interested urging of First Financial's management, solely because there was not an additional piece of paper — a so-called master ballot — redundantly reiterating what was already clear from the tabulations," Stilwell said."
Source of Pompous Ass Joseph Stilwell Post
""This is a travesty of corporate governance," Stilwell Said. What a Joke. The Travesty is Joseph Stilwell taking over people's lives, business and running over peoples rights. The SEC should investigate Joseph Stilwell in my OPINION.