A New Jersey thrift company is scheduled to clash again in court with dissident shareholders who have been dogging it for two years.
This time the shareholders, led by thrift investor Lawrence Seidman, are trying to force IBS Financial Corp., Cherry Hill, to set an annual meeting date. IBS deferred its 1996 annual meeting, citing pending litigation.
In a lawsuit filed last week, Mr. Seidman's Committee to Maximize Shareholder Value asked a judge to establish a date so that two of its members can run for the IBS board of directors. A hearing is scheduled for Feb. 24.
"I think they're delaying," said Mr. Seidman, who owns a 7.7% stake in the thrift. "They don't want the shareholders to be able to vote."
IBS chairman Joseph M. Ochman Sr. did not return calls seeking comment.
In January IBS lost its a suit to stop two of Mr. Seidman's supporters from running for the board; a New Jersey judge barred the company from reducing the size of its board.