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News Breaks | | | | October 3, 2012 | | 09:02 EDT |  | WTSLA | Clinton says Wet Seal board changed mind, directors will not resign
Clinton Group reported in a regulatory filing that yesterday at approximately 3 PM, Wet Seal's investment banker called Clinton and said, "it appears you have won" the Consent Solicitation. The banker asked how Clinton would like to proceed with the transition in the board. The banker said he was authorized to say that Mssrs. Duskin, Hahn, Horn and Winterstern were "prepared to resign today" and would be willing to assist the new directors during a transition period. Clinton said it agreed to settle the Consent Solicitation in exchange for such resignations on the terms proposed by the banker. The parties discussed documenting their agreement and creating a press release regarding the transition. Clinton added that Wet Seal and its representatives were unavailable for the remainder of the day. At 10:30 PM, Clinton disclosed, the investment banker called Clinton to report that the board had changed its mind and that the directors would not resign. | |
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