No one ever said being an activist shareholder would be easy.

Investor Seymour Holtzman and an associate are threatening to sue Ambanc Holding Co. in Amsterdam, N.Y., because the $725 million-asset company has refused to move back the starting time for its board meetings by one hour. Mr. Holtzman and Al Lyons, both members of Ambanc's board since April, assert that the 8 a.m. meetings are impossible for them to attend on time because they commute from Florida.

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