Wednesday, August 20, 2008

Big Win for Steel Partners

Point Blank held its long-deferred annual meeting yesterday. And Steel Partners II won a smashing victory, putting five nominees on a seven-member board.

Point Blank is a Florida based manufacturer of body armor.

It would now seem to be in the control of Warren Lichtenstein, the principal of Steel Partners. Mr. Lichtenstein's victory statement said: "We continue to believe that Point Blank should not remain a standalone company competing on uneven terms against much larger competitors in a weakening market."

He and his associates will presumably begin the search for a buyer.

The vote wasn't even close. Seldom are victories for the dissidents this lopsided. Steel's five nominees received 65 percent of the voted shares, compared with only 14 percent for Point Blank's candidates.

The results render moot some litigation now before the Chancery Court of the state of Delaware.

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