Penn Treaty investor Elkhorn not looking to control company but could boost stake to 20%

By Lisa Kerner

Charlotte, N.C., Oct. 25 - Counsel for Penn Treaty American Corp. investor Elkhorn Partners LP asked the Insurance Department of the Commonwealth of Pennsylvania to:

• Approve any purchases of additional Penn Treaty common stock by Elkhorn, increasing its ownership to between 10% and 20%;

• Approve any election of Elkhorn's Alan S. Parsow to the Penn Treaty board of directors; and

• Conclude that these proposed actions will not result in the partnership's acquisition of control of Penn Treaty.

Elkhorn and Parsow own 9.9% of Penn Treaty's common stock.

During the past 60 days, Elkhorn purchased 41,600 shares of Penn Treaty common stock in open market transactions at prices ranging from $5.32 to $5.79 per share.

Penn Treaty is an Allentown, Pa.-based long-term care insurance provider.

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