In a letter to shareholders, CIB Marine Bancshares Inc. disputed the claims of an investor who is pushing the company to explore a sale.
In March, Clutterbuck Capital Management LLC sent a letter calling for CIB Marine to "immediately begin the sale process" with an investment banking firm. Robert Clutterbuck, the investor's managing partner, said the group intends to reopen CIB Marine's bankruptcy proceedings if the company does not engage in discussions over the proposal.
In response, the company rejected Clutterbuck's assertion that the investor group can reopen the company's 2009 bankruptcy case, calling the statements "factually and legally unsustainable."
"The Company is currently reviewing all of its available legal options against Clutterbuck, its staff and advisers, but its next action will be carried out in a proper forum," CIB Marine said. "Our shareholders should understand that the Company is fully prepared to refute each and every false claim Clutterbuck described in its letter."