Advisory Firm Weighs In On Proxy Battle

"The dissident [Mr. Kurz] has not presented a viable plan to effect positive change at the company," RiskMetrics says in a commentary. "Given [Mr. Kurz's] familiarity with the business, the dissidents could have presented a detailed plan to shareholders, especially if the current plan was in need of significant modifications."

Reinstalling Kurz as CEO also could lead to problems with rating agencies and state regulators, RiskMetrics says.

"We are very pleased that three independent proxy advisory firms have come out in our favor and have recommended that stockholders reject all of the proposals put forward by Mr. Kurz," William Trust Jr., Presidential Life's lead independent director, says in a statement. "We hope that this important recommendation marks an end to Mr. Kurz's campaign so that the Company's management can focus all their energy on delivering against the Company's three-year strategic plan and driving returns for all shareholders."