Presidential Life Investors Protest $415M Sale To Athene

Law360, New York (July 20, 2012, 3:37 PM EDT) -- A putative class of Presidential Life Corp. shareholders who say the company's proposed $415 million sale to Athene Annuity & Life Assurance Co. would shortchange them sued both companies and Presidential Life's directors in New York state court Wednesday in a bid to block the sale.

The shareholders, led by Katen Patel, say Presidential Life's CEO Donald L. Barnes and other directors breached their duty to shareholders in agreeing to a sale at an inopportune time, when share prices were temporarily down, and consenting to a...
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