Are You A Saucon Mutual Insurance Company Policyholder? If so, your rights are at stake and you may be entitled to compensation.
Rights provided in your original insurance policy may be extinguished, your cash compensation may be impacted, and you will not have the opportunity to continue to hold an ownership interest in the company.
If you are a Saucon Mutual policyholder, you may have recently received: (1) notice of a proposed plan of conversion of Saucon Mutual from a mutual insurance company to a stock corporation and (2) notice of a special meeting of policyholders to vote on the proposed plan of conversion either in person or by proxy.
The board of directors of Saucon Mutual has filed a proposed “Alternative Plan of Conversion” under the Pennsylvania Insurance Company Mutual-to-Stock Conversion Act, by which policyholder voting rights and the right to share in company surplus will be extinguished. In addition, your cash compensation from the conversion will be limited, and you will have no opportunity to obtain stock in the new company.
The plan of conversion must be approved by the Pennsylvania Insurance Department and policyholders, which has not yet occurred. There is still time to pursue your potential rights. If you are a Saucon Mutual policyholder, and would like to discuss your rights and the potential to obtain additional cash compensation and an interest in the new company, please contact Bailey & Glasser LLP as soon as possible at (304) 340-2294 or (304) 345-6555.
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