Magazine article American Banker

Investor Boosts Stake in Hawaii S&L after Court Voids Antitakeover Law

Magazine article American Banker

Investor Boosts Stake in Hawaii S&L after Court Voids Antitakeover Law

Article excerpt

Investor Boosts Stake in Hawaii S&L After Court Voids Antitakeover Law

Armed with a federal court order that struck down a Hawaii antitakeover law, a Florida investor, has boosted his stake in a profitable thrift holding company here and vows to challenge any other state laws that might stand in his way.

C. Herman Terry, an insurance executive and civic leader in Jacksonville, Fla., last week bought another 48,000 shares of stock in International Holding Capital Corp., parent of International Savings and Loan Association. The new purchase, disclosed in a filing with the Securities and Exchange Commission, increases Mr. Terry's holdings to 148,000 shares, or 14.8% of International's total stock outstanding.

On June 13, a federal judge in Honolulu cleared the way for Mr. Terry to make the purchases by declaring unconstitutional Hawaii's Control Share Acquisition Act. The act would have required Mr. Terry to delay his stock purchases until he received approval from a majority of International's other shareholders. District Judge Harold Fong, however, ruled the requirement interfered with interstate commerce.

Mr. Terry since last fall has been trying to buy up to 25% of International's stock, but International's management sought to thwart the purchases by invoking the act. Mr. Terry already has Federal Home Loan Bank Board approval to buy up to 25%.

Now Mr. Terry, angered by International's unsuccessful attempts to block his investment and emboldened by the court order, may seek a controlling interest in International. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.