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Law Offices of Howard G. Smith Announces Investigation On Behalf of Shareholders of Presidential Life Corporation

^{Published on 2010-01-08 03:20:31 - Market Wire}
 

BENSALEM, Pa.--([ BUSINESS WIRE ])--Law Offices of Howard G. Smith announces that it is investigating potential claims against Presidential Life Corporation ("Presidential Life" or the "Company") (Nasdaq:PLFE) and possible breaches of fiduciary duty and/or other violations of law by the Presidential Life board of directors, related to the Company's internal investigation of "irregularities" relating to the 2007 tax return filed by the Kurz Family Foundation, Ltd. (the "Foundation") as part of its application to the New York State Insurance Department for approval of the Foundation's acquisition of a controlling interest in the Company. The Kurz Family Foundation is the beneficial owner of approximately 20.8% of Presidential Life's outstanding common stock. Herbert Kurz, a director and stockholder of Presidential Life, is also an officer and director of the Foundation, which is a separate entity from Presidential Life.

"issues concerning potential self-dealing by Mr. Kurz and improper use of charitable assets for personal expenses."

On December 10, 2009, the Company issued a press release announcing that an examination of the 2007 Foundation tax return revealed "issues concerning potential self-dealing by Mr. Kurz and improper use of charitable assets for personal expenses." The press release further stated that the investigation of a special committee of the independent directors of Presidential Life is focused on the role of Herbert Kurz, who signed the Foundation's 2007 tax return on behalf of the Foundation, and the role of Charles Snyder – Presidential Life's chief financial officer who, while acting in a personal capacity in connection with the Foundation, signed the tax return as a paid preparer.

If you own Presidential Life Corporation shares, if you have information or would like to learn more about these claims, or if you wish to discuss these matters or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, Toll Free at (888) 638-4847, or by email to [ howardsmith@howardsmithlaw.com ] or visit our website at [ http://www.howardsmithlaw.com ].