N@N

United PanAm Financial Corp. Shareholder Investigation by Briscoe Law Firm Concerning Management Buyout

^{Published on 2010-12-28 15:35:44 - Market Wire}
 

DALLAS--([ BUSINESS WIRE ])--[ The Briscoe Law Firm, PLLC ], founded by a former state prosecutor and enforcement attorney for the United States Securities and Exchange Commission, and the law firm of [ Powers Taylor LLP ] are investigating potential legal claims against the Board of Directors of United PanAm Financial Corporation (aUnited PanAma or aUPFCa) (Pink Sheets: UPFC) related to the proposed buyout of United PanAm by Guillermo Bron, the current Chairman of the Board and Chief Executive Officer of United PanAm, and affiliates of the private equity firm Pine Brook Road Partners, LLC. The investigation relates to the potential unfairness of the proposed transaction, possible breaches of fiduciary duty and other violations of state law by the Board of Directors of United PanAm for approving this transaction, and whether United PanAma™s Board of Directors acted in the shareholdersa™ best interests and fully disclosed all material aspects of the proposed transaction.

The definitive acquisition agreement involves a transaction valued at approximately $110 million that is expected to close in the first quarter of calendar year 2011. Under the proposed buyout, United PanAm shareholders will receive a cash payment of $7.05 for each share of United PanAm/UPFC.PK common stock they hold. Mr. Bron currently owns approximately 38% of the outstanding shares of United PanAma™s common stock. Further, although the acquisition price reportedly represents a 39% premium over the average daily closing price of United PanAm stock for the 30 days prior to the announcement, United PanAm shares closed as high as $5.50 as recently as early August 2010. Based on this and other factors, the firms believe that the acquisition price may not be fair or adequate for the shareholders.

If you currently own shares of United PanAm/UPFC.PK and would like additional information regarding this investigation, or if you have information regarding the allegations involved in this transaction, please contact Patrick Powers at Powers Taylor LLP, toll free (877) 728-9607, via e-mail at [ patrick@powerstaylor.com ], or Willie Briscoe at The Briscoe Law Firm, PLLC toll free (877) 397-5991, or via email at [ WBriscoe@TheBriscoeLawFirm.com ]. There is no cost or fee to you.

The Briscoe Law Firm is a full service business litigation and shareholder rights advocacy firm with more than 20 years of experience in complex litigation and transactional matters.

Powers Taylor LLP is a boutique litigation law firm that handles a variety of complex business litigation matters, including claims of investor and stockholder fraud, shareholder oppression, shareholder derivative suits, and security class actions.