Monday, April 20, 2009

Hooper Holmes

Hooper Holmes, of Basking Ridge, NJ, is a consultant for the health insurance industry, founded in 1899. It was originally known as the National Insurance information Bureau. It is described on its website as having a "vision," to wit, "collecting personal health data and transforming it into information enabling our customers to take actions that manage or reduce their risks and expenses."

It plans to expand its board of directors from seven members to nine. Ronald V. Aprahamian, accordingly, has requested that the company put him on one of the newly-created board seats. He also has a nominee for the other open seat: Larry Ferguson, veteran of a "nearly 30 year career in the healthcare technology industry," one filing tells us.

I'm still trying to get a fix on this apparently looming proxy contest. I'll come back to it shortly.

For now, I'll just quote Aprahamian's statement: "Hooper Holmes' financial performance has been inadequate for quite some time and its stock price has steadily declined over the last years. My nominees will bring a fresh, owners' perspective to the various alternatives that could remedy this situation. I remain hopeful that the Hooper Holmes' Board of Directors will reconsider its position and thereby choose to avoid an unnecessary, costly and distracting proxy contest against nominees that are advocating for the broad interests of all shareholders."

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