(Newstraders) -- LaSalle Financial Partners L.P. repeated its call for a sale of Bank Plus Corp. (BPLS), and said it opposes Bank Plus engaging in any acquisitions of another company, according to an amended Schedule 13D.
LaSalle expressed "dismay" over what it said appears to be the "marching orders" given by company officers to the firm's recently engaged financial advisor.
"The Partnership made it perfectly clear to the Company that we are not in favor of, and will vigorously oppose, any acquisition of a mortgage banking or loan originating company, or any other acquisition at this time," LaSalle said in an 8/20/98 letter to the company. "We believe that management does not have the ability to make such a transaction a financial success. Management has its hands full trying to manage its risky and ill-advised entry into credit card loans, and other ventures."
"The Board of Directors should simply direct Keefe, Bruyette, and Woods to seek buyers of the Company who are not only willing to offer the shareholders the most value, but that are likely to be able to consummate the transaction in the shortest time period and with the minimum required regulatory review," LaSalle added.
Currently, LaSalle holds 1,414,100 Bank Plus common shares, or a 7.3% stake. |
