Proxy Results Official, Unchanged
PITTSBURGH (AP) _ Allegheny International Inc. said Tuesday that final proxy contest results confirm that management retained a majority of the 13-seat board of directors as the company had previously announced.
″Now that the proxy contest is over, we can promptly move ahead with the important tasks of emerging from Chapter 11 protection,″ said Oliver S. Travers, chairman of the maker of Sunbeam and Oster appliances.
Travers and Morris W. Offit, president of a New York financial services firm, were elected to contested seats as management nominees.
Shareholders led by the New York brokerage Spear, Leeds & Kellogg placed two directors in contested seats and three directors in seats that were reserved for the holders of two classes of preferred stock, on which the company suspended dividends.
Management now holds eight seats, the dissidents five.