Activist investor to fight for HomeStreet board seats
HomeStreet in Seattle will face a board challenge from an activist investor.
Blue Lion Capital, which owns 6.4% of HomeStreet's stock, disclosed in a regulatory filing Friday that it will nominate two individuals for board seats. The investor said it also plans to present three proposals, though the filing provided no additional details.
The nominees are Ronald Tanemura and Charles Griege Jr. Tanemura is a former Goldman Sachs partner, while Griege is Blue Lion's managing partner.
Blue Lion attempted a similar challenge last year, but the initiative was invalidated because the investor failed to comply with HomeStreet’s advance-notice bylaw. HomeStreet’s decision was upheld by the Superior Court of King County.
Another proxy battle, designed to withhold support for two HomeStreet nominees, was nullified after Blue Lion failed to get the required prior approval from HomeStreet's state regulator.
Blue Lion which has long been concerned about HomeStreet's mortgage business and acquisition strategy. HomeStreet recently announced plans to substantially exit mortgage lending.