All Three Leading Independent Proxy Advisory
Firms Recommend Stockholders Vote FOR
Presidential Life Director Nominees on the
WHITE Proxy Card
August 11, 2010 09:03 AM Eastern Daylight Time
NYACK, N.Y.--(EON: Enhanced Online News)--Presidential Life Corporation (Nasdaq: PLFE), a leading life
insurance company, today announced that all three leading independent proxy advisory firms — Institutional
Shareholder Services (ISS), Glass, Lewis & Co. and PROXY Governance — recommend that stockholders
support the Company’s current leadership by using the WHITE Proxy Card to vote FOR the Board’s nominees.
The recommendations and analyses of these three firms are relied upon by investment advisors, mutual funds,
pension funds, money managers and other fiduciaries. These recommendations follow those made by all three firms
to reject Mr. Kurz’s earlier unsuccessful consent solicitation campaign.
In its August 10th report, ISS concluded, “The current management team appears to have performed well. On
balance, therefore, it seems unlikely that the wholesale change at the board level, for which the dissidents are
advocating, is warranted. Further, it remains unclear whether the lead dissident, Mr. Kurz, will even be able to serve
on the board after a June 3, 2010 letter from the company's primary regulator, the NYSID [New York State
Insurance Department], concluded that, ‘…both the [Kurz Family] Foundation and Mr. Kurz have engaged in
untrustworthy conduct that renders them unsuitable to serve as controlling persons of Presidential’ and that ‘Mr.
Herbert Kurz may no longer serve as an officer, director, or controlling person of Presidential.’”
Similarly, in its August 10th report, Glass, Lewis & Co. said, “While attacking a plan that he supported, [Mr. Kurz]
provides an alternative plan that is, again, light on detail and virtually unchanged from the arguments provided more
than half a year ago. Moreover, Mr. Kurz’s dismissive response to what are clearly significant regulatory
determinations by t