Printer Friendly

NORTH EAST INSURANCE COMPANY ANNOUNCES POSSIBLE CHANGE IN CONTROL

 SCARBOROUGH, Maine, Dec. 6 /PRNewswire/ -- North East Insurance Company (NASDAQ: NEIC) announced today that it has been advised of two Schedule 13D filings at the Securities and Exchange Commission, one by William T. Tanner of Houston, Texas, and the other by Thomas John Cloud III of Houston, Texas.
 Tanner advises that on Nov. 17, 1993, he purchased individually and through a corporation owned by a trust for which he has sole voting control a total of 178,750 shares or 5.98 percent of the outstanding shares of the company. Tanner reports that the stock is being held for investment.
 Tanner also reports that, individually and on behalf of an affiliate, Buckingham Capital Corporation of Houston, Texas, on Nov. 22, 1993 he has entered into agreements for the purchase and sale of shares of the company totalling an additional 810,000, which represents 27.1 percent of the issued shares of the company. Tanner reports that there are "substantial conditions precedent to the purchase of these additional (810,000) shares," which if acquired would give Tanner sole power to vote and control 32.96 percent of the shares of the company. The 810,000 shares are presently held under a non-voting trust by and between Bernard D. Gershuny, as shareholder, and Stephen F. Dubord, as trustee. The agreements to purchase shares of the company are "... in contemplation of filing a change of control application as required by the laws of the State of Maine. When filed, and if ultimately approved by the Department of Insurance of the State of Maine, a change of control application could result in a change in one or more seats on the board of directors of the company."
 In his schedule 13D filing with the SEC, Thomas John Cloud III of Houston, Texas, has reported that he and his mother have acquired 178,750 shares of the common stock of the company, representing 5.98 percent of the shares of the company. It is reported by Cloud that, pursuant to an irrevocable proxy, he has the sole power to vote his mothers shares.
 -0- 12/6/93
 /CONTACT: Robert G. Schatz, president and chief executive officer of North East Insurance Group, 207-883-2232/
 (NEIC)


CO: North East Insurance Company ST: Connecticut IN: INS SU:

CM-JL -- NE004 -- 0643 12/06/93 09:13 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Dec 6, 1993
Words:387
Previous Article:MERCURY AIR GROUP TO REDEEM PREFERRED STOCK
Next Article:GTECH AWARDED SECOND CONTRACT TO PROVIDE ON-LINE EQUIPMENT AND SERVICES IN ARGENTINA
Topics:

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters