Biglari in Lansing

[farnamstreet]

"This bill will send a signal that Michigan poses greater risks, greater uncertainty than other states," said Biglari, who was in Lansing to meet with members of the House Insurance Committee, which is scheduled to take up the bill Thursday.

...

The legislation would require approval of two-thirds of outstanding shares of a company to elect director candidates who are not backed by a majority of that company's board of directors. Biglari, who owns nearly 10 percent of Fremont InsuraCorp., said the bill would make it "nearly impossible to consummate the transaction." He said the measure dilutes shareholder rights.

 

http://www.detnews.com/article/20100414/BIZ/4140427/1361/Bill-seen-as-roadblock-to-takeover-of-Fremont-insurer

 

[Ballinvarosig Investors]

Does anyone know what time this vote takes place at, and where we can follow the vote?

[Guest Bronco]

Great post.  I think these people in Michigan are pigs.  Is it the government's role to protect employees over shareholders?  That is a really dangerous path IMO (and not unique in the U.S. lately!) 

 

People forget that capital leads to jobs.  When you cut capital, you cut jobs.  VERY SIMPLE.

 

Does anyone really expect him to move those jobs anyway.  They are a damn insurance company, with licensing in that state.  Is Biglari going to fire all the employees and customers and put the thing in run-off.  These congressmen are complete idiots...no wonder their state is a POS.