Oliver Press Partners, a New York-based investment management firm that owns approximately 5 percent of The Phoenix Cos. Inc.’s common stock, has mailed to shareholders its definitive proxy statement with the Securities and Exchange Commission, which details its plan to solicit shareholder votes in its effort to elect three new and independent nominees to Phoenix’s board of directors.
In Oliver’s March 18 letter, it urges shareholders to vote for Sal H. Alfiero, John E. Haire and Thomas S. Johnson at the May 2, 2008 annual meeting of shareholders. According to Oliver, Phoenix’s board of directors has presided over a falling stock price, a series of ratings downgrades, low return on equity, high operating expenses and what is believed to be excessive management compensation.
