Sunset Financial Wins Stockholder Lawsuit
10 Março 2006 - 6:05PM
PR Newswire (US)
Court Finds Bylaw Amendments Valid JACKSONVILLE, Fla., March 10
/PRNewswire-FirstCall/ -- Sunset Financial Resources, Inc.
(NYSE:SFO), announced today that it has won a lawsuit brought by
Western Investment Hedged Partners LP and certain other
stockholders, who were seeking to nullify certain bylaw amendments
adopted by Sunset's Board of Directors. On March 7, 2006, the
Circuit Court of Baltimore, Maryland, granted Sunset's motion for
summary judgment. The court found the enactment of Sunset's bylaw
amendments to be valid as a matter of law. The shareholders alleged
that the amendments were adopted for the purpose of interfering
with their efforts to remove and replace Sunset's board. The court
stated, among other things, that it "does not view the board's
actions as creating unfair obstacles to the exercise of plaintiffs'
shareholder rights," and that Sunset's directors "acted in good
faith." George Deehan, President and Chief Executive Officer of
Sunset stated, "I am pleased that the court upheld the amendments
made to the Company's bylaws, which we believe are in the best
interests of Sunset stockholders. We are delighted to have this
litigation behind us." About Sunset Financial Resources Sunset
Financial Resources, Inc. is a self-managed real estate investment
trust (REIT) that went public on March 17, 2004. Sunset Financial
Resources seeks to deliver attractive dividend income and steady
growth to its shareholders through the acquisition and management
of a portfolio of high quality residential mortgage loans and well
secured commercial mortgage bridge loans in the United States.
Certain statements in this news release may constitute
"forward-looking statements" within the meaning of the federal
securities laws and involve risks, uncertainties and other factors,
which may cause the actual performance of Sunset Financial
Resources, Inc. to be materially different from the performance
expressed or implied by such statements. These risks include the
failure of the Company to successfully execute its business plan,
gain access to additional financing, the availability of additional
loan portfolios for future acquisition, continued qualification as
a REIT, the cost of capital, as well as the additional risks and
uncertainties detailed in the Company's periodic reports and
registration statements filed with the Securities and Exchange
Commission. DATASOURCE: Sunset Financial Resources, Inc. CONTACT:
George Deehan, President, Chief Operating Officer, Sunset Financial
Resources, +1-904-425-4353, ; Investors - Jeffrey Goldberger,
+1-212-896-1249, , or Michael Cimini, +1-212- 896-1233, , both of
KCSA Worldwide
Copyright
Sunset Financial (NYSE:SFO)
Gráfico Histórico do Ativo
De Abr 2024 até Mai 2024
Sunset Financial (NYSE:SFO)
Gráfico Histórico do Ativo
De Mai 2023 até Mai 2024
Notícias em tempo-real sobre Merrill Lynch da New York Stock Exchange bolsa de valores: 0 artigos recentes
Mais Notícias de Sunset Finl Res