The Stilwell Group Comments on the Results of Silvergate's 2024 Annual Meeting
The Stilwell Group, owning 12.4% of Silvergate Capital (OTC: SICP, SICPQ, SICPL), commented on the results of Silvergate's 2024 Annual Meeting held on September 27. Joseph Stilwell was elected to the board with over 10.5 million votes, representing more than 95% of shares voted. In contrast, legacy directors received just over 1 million votes and were notably absent from the meeting.
The press release highlights that four legacy directors oversaw Silvergate Bank's demise and previous management charged by the SEC with 'negligence-based fraud'. Joseph Stilwell stated his commitment to maximizing value for common shareholders. The release also mentions Cravath, Swaine & Moore LLP's role as lead counsel during litigation and failed attempts to stop the Annual Meeting.
Il Stilwell Group, che possiede il 12.4% di Silvergate Capital (OTC: SICP, SICPQ, SICPL), ha commentato i risultati dell'Assemblea Annuale di Silvergate del 2024 tenutasi il 27 settembre. Joseph Stilwell è stato eletto nel consiglio di amministrazione con oltre 10,5 milioni di voti, rappresentando più del 95% delle azioni votate. Al contrario, i direttori storici hanno ricevuto poco più di 1 milione di voti ed erano notoriamente assenti dall'incontro.
Il comunicato stampa sottolinea che quattro direttori storici hanno supervisionato il declino di Silvergate Bank e la precedente gestione è stata accusata dalla SEC di 'frode basata sulla negligenza'. Joseph Stilwell ha dichiarato il suo impegno a massimizzare il valore per gli azionisti comuni. Il comunicato menziona anche il ruolo di Cravath, Swaine & Moore LLP come legale principale durante le controversie legali e i tentativi non riusciti di fermare l'Assemblea Annuale.
El Stilwell Group, que posee el 12.4% de Silvergate Capital (OTC: SICP, SICPQ, SICPL), comentó sobre los resultados de la Junta Anual de Silvergate 2024, celebrada el 27 de septiembre. Joseph Stilwell fue elegido para la junta directiva con más de 10.5 millones de votos, lo que representa más del 95% de las acciones votadas. En contraste, los directores antiguos recibieron poco más de 1 millón de votos y estuvieron notablemente ausentes de la reunión.
El comunicado de prensa destaca que cuatro directores antiguos supervisaron la caída del Silvergate Bank y la gestión anterior fue acusada por la SEC de 'fraude basado en negligencia'. Joseph Stilwell manifestó su compromiso de maximizar el valor para los accionistas comunes. El comunicado también menciona el papel de Cravath, Swaine & Moore LLP como abogado principal durante el litigio y los intentos fallidos de detener la Junta Anual.
Stilwell Group은 Silvergate Capital (OTC: SICP, SICPQ, SICPL)의 12.4%를 소유하고 있으며 9월 27일에 개최된 Silvergate의 2024년 연례 회의 결과에 대해 논평했습니다. Joseph Stilwell이 이사회에 선출되었습니다는 1천만 표 이상으로, 이는 투표된 주식의 95% 이상을 차지합니다. 이와 대조적으로, 전임 이사들은 백만 표를 조금 넘는 표를 받았고 회의에는 눈에 띄게 불참했습니다.
보도 자료에서는 4명의 전임 이사가 Silvergate Bank의 파산을 감독했으며, 이전 경영진은 SEC에 의해 '태만에 의한 사기'로 기소되었다고 강조합니다. Joseph Stilwell은 보통주 주주를 위한 가치를 극대화하겠다는 의지를 밝혔습니다. 이 보도자료는 또한 Cravath, Swaine & Moore LLP가 소송 중 주요 자문 역할을 수행했으며 연례 회의를 중단하려는 실패한 시도를 언급합니다.
Le Stilwell Group, détenant 12,4 % de Silvergate Capital (OTC: SICP, SICPQ, SICPL), a commenté les résultats de l'Assemblée annuelle de Silvergate 2024 qui s'est tenue le 27 septembre. Joseph Stilwell a été élu au conseil d'administration avec plus de 10,5 millions de votes, représentant plus de 95 % des actions votées. En revanche, les anciens administrateurs ont reçu un peu plus d'un million de votes et étaient remarquablement absents de la réunion.
Le communiqué de presse souligne que quatre anciens administrateurs ont supervisé la chute de Silvergate Bank et que l'ancienne direction a été inculpée par la SEC pour 'fraude fondée sur la négligence'. Joseph Stilwell a déclaré son engagement à maximiser la valeur pour les actionnaires ordinaires. Le communiqué mentionne également le rôle de Cravath, Swaine & Moore LLP en tant que conseil principal durant les litiges et les tentatives infructueuses d'arrêter l'Assemblée annuelle.
Die Stilwell Group, die 12,4% an Silvergate Capital (OTC: SICP, SICPQ, SICPL) hält, kommentierte die Ergebnisse der am 27. September durchgeführten Jahreshauptversammlung von Silvergate 2024. Joseph Stilwell wurde in den Vorstand gewählt und erhielt über 10,5 Millionen Stimmen, was mehr als 95% der abgegebenen Stimmen entspricht. Im Gegensatz dazu erhielten die alten Direktoren etwas mehr als 1 Million Stimmen und waren bemerkenswert abwesend von der Sitzung.
Die Pressemitteilung hebt hervor, dass vier alte Direktoren den Niedergang der Silvergate Bank überwacht haben und die frühere Führung von der SEC wegen 'negligence-based fraud' angeklagt wurde. Joseph Stilwell erklärte sein Engagement für die Maximierung des Wertes für die Stammaktionäre. In der Mitteilung wird auch die Rolle von Cravath, Swaine & Moore LLP als Hauptanwalt während der Rechtsstreitigkeiten und gescheiterten Versuche, die Jahreshauptversammlung zu stoppen, erwähnt.
- Joseph Stilwell elected to Silvergate's board with overwhelming shareholder support (95% of votes)
- Potential for new leadership to maximize shareholder value
- Legacy directors associated with Silvergate Bank's demise and management charged with 'negligence-based fraud' by SEC
- Company faced multiple failed attempts to stop the Annual Meeting, indicating internal conflicts
- Ongoing litigation suggests potential legal and financial risks
On Friday, September 27, 2024, Joseph Stilwell was elected to the Silvergate board with more than 10.5 million votes, over
Four of the legacy directors, Paul D. Colucci, Thomas C. Dircks, Michael T. Lempres (Chairman), and Scott A. Reed, oversaw the demise of Silvergate Bank. They also oversaw previous management whom the Securities and Exchange Commission charged with committing "negligence-based fraud."[1]
Joseph Stilwell says, "I will work to maximize value for the common holders."
Cravath, Swaine & Moore LLP has served as lead counsel for the Company during many months of litigation and the Company's five failed attempts to stop the Annual Meeting.
Investor Contact:
Megan Parisi
(787) 985-2194
mparisi@stilwellgroup.com
[1] See Press Release, SEC Charges Silvergate Capital, Former CEO for Misleading Investors about Compliance Program, Securities and Exchange Commission (July 2, 2024), https://www.sec.gov/newsroom/press-releases/2024-82
View original content:https://www.prnewswire.com/news-releases/the-stilwell-group-comments-on-the-results-of-silvergates-2024-annual-meeting-302262005.html
SOURCE The Stilwell Group
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