Elkhorn to nominate at least five to Penn Treaty board

By Lisa Kerner

Charlotte, N.C., March 14 - Penn Treaty American Corp. investor Elkhorn Partners LP said it intends to nominate five to six persons for election to the company's board of directors at the next annual meeting of shareholders.

The nominees include but are not limited to:

• Alan S. Parsow, Elkhorn, sole manager of general partner, Elkhorn Partners LP;

• Sean T. Mullen, 25 years accounting experience, Hancock & Dana PC;

• Peter J. Gordon, president, FirstService Financial, Inc.; and

• Arnold H. Joffe, chief executive officer, Grace Mayer Insurance Agency.

Elkhorn said it believes the best interests of Penn Treaty and its shareholders are served by having a diversified board with shareholder representation, according to a schedule 13D filing with the Securities and Exchange Commission.

In October, Elkhorn, a 9.9% shareholder, 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.

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

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