Elkhorn representatives appointed to Penn Treaty board

By Lisa Kerner

Charlotte, N.C., May 5 - Investor Elkhorn Partners LP said three of their intended director nominees were named to the board of directors of Penn Treaty American Corp.

According to a schedule 13D filing with the Securities and Exchange Commission, Alan S. Parsow, Robert J. Beutel and Sean T. Mullen were appointed to fill the vacancies created by the retirements of two directors and as well as a previously unfilled seat.

In March, Elkhorn said its nominees to Penn Treaty's board could include:

• Parsow, sole manager and general partner of Elkhorn Partners LP;

• Mullen, with 25 years of accounting experience, of Hancock & Dana PC;

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

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

Elkhorn beneficially owns 2,301,800 shares, or 9.98%, of Penn Treaty common stock.

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

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