Tecumseh Products Company announced that at the Lenawee County Circuit Court, Judge Timothy P. Pickard rejected a motion by the Herrick Foundation to accelerate the date of the company's 2009 annual meeting, and instead ordered that the meeting take place on or before Aug. 14, 2009, the date previously set and announced by the company. The court also rejected the Herrick Foundation's attempt to exert control over the Board of Directors' decision-making responsibilities by denying the Foundation's request to restrict the Company from taking any actions outside of the ordinary course of day-to-day operations.
Tecumseh said that holding the annual meeting on or before July 23, 2009, the timeframe demanded by the Herrick Foundation, would not have permitted the company to timely distribute proxy materials to shareholders in accordance with federal securities laws, and would have deprived all shareholders of the reasonable and customary period to review and carefully consider the information in the proxy statement about the important issues to be decided at the meeting.
At the Aug. 14 annual meeting, shareholders will consider proposals to effect a recapitalization of the company and elect seven members of the company's Board of Directors.
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