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Herrick Foundation filed a lawsuit in Lenawee County, MI, U.S. Court to seek injunctive relief from the decision by Tecumseh Products Company to declare a 3-for-1 stock split effective on Dec. 31, 2008. Herrick says that the stock split, which two board members voted against, is the Board's third unlawful effort to interfere with voting rights, according to Herrick Foundation spokesman Jeff Caponigro.
Herrick Foundation said that the stock split significantly reduces Herrick Foundation's voting interest in Tecumseh from 15.2% to just 4.2% and all Class B shareholder voting interests from 100% to 27%.
In response, Tecumseh said, "The recapitalization is a key element of the company's stated strategic plan for enhancing shareholder value," and that its Board and management team have legally followed through on their commitments.
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