Tecumseh Products to hold meeting by Aug. 14; Herrick denied in court

By Lisa Kerner

Charlotte, N.C., June 18 - Tecumseh Products Co. said it was ordered to hold its 2009 annual meeting on or before Aug. 14 as planned by a Lenawee County Circuit Court judge who rejected a motion by the Herrick Foundation to accelerate the meeting date.

According to Tecumseh, the Michigan court also denied Herrick's request to restrict the company from taking any actions outside of the ordinary course of day-to-day operations.

Herrick wanted Tecumseh to hold its annual meeting on or before July 23. Tecumseh argued that Herrick's timeframe would not allow the company to "timely distribute proxy materials to shareholders in accordance with federal securities laws."

Tecumseh shareholders will be asked at the annual meeting to consider proposals related to a recapitalization of the company and to elect seven members of the board of directors.

In a news release, Tecumseh director of investor relations Teresa Hess called Herrick's actions "another example of the foundation's trustees using the foundation to advance their personal agendas at the expense of the foundation and the best interests of company's shareholders, with disruptive effect on the company's ability to conduct business during these challenging economic times."

Earlier in the month, the Michigan Attorney General filed a petition raising concerns about apparent conflicts of interests on the part of Herrick trustees Todd Herrick, Kent Herrick and Michael Indenbaum, Tecumseh said.

Tecumseh manufactures compressors and other products. The company is located in Tecumseh, Mich.

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