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HomeStreet investor cites court opinion about shareholder rights

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HomeStreet investor cites court opinion about shareholder rights

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.