Saying that J. Carter Bacot doesn't give up without a fight is an understatement.
The Bank of New York chairman and chief executive, known for his take-no-prisoners approach, won't relinquish his fight to make the most of his company's 13.8% stake in Northeast Bancorp.
Mr. Bacot, who orchestrated a hostile takeover of Irving Trust Co. in 1988, sued last month to prevent First Fidelity Bancorp. from converting his bank's shares in Northeast into First Fidelity shares. Bank of New York contends that the Connecticut company -- which it once planned to buy -- undersold itself to New Jersey-based First Fidelity.
When a U.S. district court judge dismissed Bank of New York's motion to slow down the merger, Mr. Bacot's lawyers asked an appeals court for an expedited hearing and asked it to enjoin First Fidelity from converting the stock. Bank of New York lost the enjoinment request -- the merger has closed -- but a hearing was granted.
Last week, Mr. Bacot told a reporter that he won't give up. A Bank of New York spokesman said the appeals court hearing may be in June.