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Law Office of Jonathan M. Stein, P.L. Investigates Possible Breach of Fiduciary Duty by the Board of United PanAm Financial Cor

^{Published on 2010-12-29 13:41:01 - Market Wire}
 

BOCA RATON, Fla.--([ BUSINESS WIRE ])--The Law Office of Jonathan M. Stein, P.L. is investigating the Board of Directors of United PanAm Financial Corp. (aUPFCa or the aCompanya) (Pink Sheets:UPFC) for possible breaches of fiduciary duty and other violations of state law in connection with their attempt to complete a sale of the Company to entity controlled by Guillermo Bron, Chairman of the Board of Directors of UPFC, and by affiliates of Pine Brook Road Partners, LLC, a private equity firm.

Under the terms of the definitive merger agreement, UPFCa™s shareholders will receive $7.05 per share in cash in exchange for their UPFC shares, valuing all outstanding shares of UPFCa™s common stock at approximately $110 million. Affiliates of Mr. Bron, which own approximately 38% of the shares of common stock, have agreed to vote in favor of the transaction.

The investigation involves whether the Board of Directors of UPFC breached their fiduciary duties to UPFC stockholders by failing to adequately shop the Company before agreeing to enter into the transaction and whether UPFC has disclosed all material information to shareholders about the proposed transaction. Specifically, according to the Companya™s latest financial reports, total shareholder equity for the UPFC was over $130 million, or over $8.00 per share.

If you own stock in UPFC and wish to obtain additional information about your rights, or if you have information regarding the above investigation, please contact Jonathan M. Stein, Esq. either via email at [ jstein@jonathansteinlaw.com ] or by telephone at (561) 961-2244.

The Law Office of Jonathan M. Stein, P.L.represents shareholders and consumers in complex litigation, including class action and derivative litigation. More information about the firm is available through its website, [ www.jonathansteinlaw.com ], and upon request from the firm. Jonathan M. Stein is the attorney responsible for the content of this release.