Roaring Blue Lion Capital Management LP continued its argument against the claim that its proxy proposal notice was invalid.
The back-and-forth between the shareholder activist and Seattle-based HomeStreet Inc. has so far included accusations of "bad faith and gumption," insufficient disclosures and last-minute submissions.
The investor, in a letter to HomeStreet, on March 8 rebutted with: "[N]owhere in the Bylaws is there a requirement for a Noticing Shareholder to provide all information that is required in a proxy statement, only information relating to the Holder." Roaring Blue Lion cited a Washington Supreme Court opinion, which described a shareholder's right to vote for a company's board members as "one of the most important rights incident to stock ownership [which] should not be annulled for purely technical reasons."
HomeStreet is the $6.74 billion-in-assets holding company of HomeStreet Bank. Roaring Blue Lion beneficially owns an approximate 6% stake in the company.
