-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, GQPBDymgd4iYiCCPtrgeFT7XkzfCiPUAh1Qv1iPRxUlZoa4E9+/mzImkOrk2Ndou IAkrxuyFLn4xbo7SULWWtw== 0000909012-96-000056.txt : 19960530 0000909012-96-000056.hdr.sgml : 19960530 ACCESSION NUMBER: 0000909012-96-000056 CONFORMED SUBMISSION TYPE: DFAN14A PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 19960529 SROS: AMEX SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: PROFESSIONAL BANCORP INC CENTRAL INDEX KEY: 0000700914 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 953701137 STATE OF INCORPORATION: PA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: DFAN14A SEC ACT: 1934 Act SEC FILE NUMBER: 001-10937 FILM NUMBER: 96573852 BUSINESS ADDRESS: STREET 1: 606 BROADWAY CITY: SANTA MONICA STATE: CA ZIP: 90401 BUSINESS PHONE: 3104581521 MAIL ADDRESS: STREET 2: 606 BROADWAY CITY: SANTA MONICA STATE: CA ZIP: 90401 FORMER COMPANY: FORMER CONFORMED NAME: PROFESSIONAL BANCORP /CA/ DATE OF NAME CHANGE: 19890904 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: MOSKOWITZ JOEL S CENTRAL INDEX KEY: 0001015011 STANDARD INDUSTRIAL CLASSIFICATION: [] FILING VALUES: FORM TYPE: DFAN14A BUSINESS ADDRESS: STREET 1: C/O BROWN CUMMINS & BROWN CO LPA STREET 2: 441 VINE STREET 3500 CAREW TOWER CITY: CINCINNATI STATE: OH ZIP: 45202 BUSINESS PHONE: 5137213111 MAIL ADDRESS: STREET 1: C/O BROWN CUMMINS & BROWN CO LPA STREET 2: 441 VINE STREET 3500 CAREW TOWER CITY: CINCINNATI STATE: OH ZIP: 45202 DFAN14A 1 SOLICITING MATERIAL SCHEDULE 14A INFORMATION Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 Filed by the Registrant [ ] Filed by a Party other than the Registrant [X] Check the appropriate box: [ ] Preliminary Proxy Statement [ ] Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) [ ] Definitive Proxy Statement [ ] Definitive Additional Materials [X] Soliciting Material Pursuant to ss.240.14a-11(c) or ss.240.14a-12 PROFESSIONAL BANCORP, INC. (Name of Registrant as Specified in Its Charter) PROFESSIONAL BANCORP SHAREHOLDERS PROTECTIVE COMMITTEE (Name of Person(s) Filing Proxy Statement if other than the Registrant) Payment of Filing Fee (check the appropriate box): [ ] $125 per Exchange Act Rules 0-11(c)(1)(ii), 14a-6(i)(1), 14a-6(i)(2) or Item 22(a)(2) of Schedule 14A. [ ] $500 per each party to the controversy pursuant to Exchange Act Rule 14a-6(i)(3). [ ] Fee computed on table below per Exchange Act Rules 14a-6(i)(4) and 0-11. 1) Title of each class of securities to which transaction applies: 2) Aggregate number of securities to which transaction applies: _____________________________________________________________ 3) Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined): _____________________________________________________________ 4) Proposed maximum aggregate value of transaction: _____________________________________________________________ 5) Total fee paid: _____________________________________________________________ [ ] Fee paid previously with preliminary materials. [ ] Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing. 1) Amount Previously Paid: _____________________________________________________________ 2) Form, Schedule or Registration Statement No.: _____________________________________________________________ 3) Filing Party: _____________________________________________________________ 4) Date Filed: _____________________________________________________________ SHAREHOLDERS PROTECTIVE COMMITTEE Professional Bancorp, Inc. o HOLD YOUR PROFESSIONAL BANCORP, INC. PROXY o DO NOT VOTE UNTIL YOU HEAR THE WHOLE STORY! To the Shareholders of Professional Bancorp, Inc.: Please DO NOT RETURN your Professional Bancorp, Inc. Proxy Card that Joel W. Kovner and his Directors are soliciting for the Annual Meeting of Shareholders scheduled for June 19, 1996. We are concerned about information we have learned about the management and operation of Professional Bancorp, Inc. (the "Company"). As a result of our concerns, we have formed a Shareholders Protective Committee. On Tuesday, May 28, 1996, a shareholder, who is a member of our Committee, filed a lawsuit against the directors of the Company, including Mr. Kovner. The Court is being asked in the lawsuit to delay the Company's 1996 Annual Meeting of Shareholders until the Company has corrected what the Plaintiff alleges to be false and misleading statements made in the Company's Proxy Statement. It is claimed in the lawsuit that the directors breached their fiduciary duties by engaging in self-dealing and unlawful banking transactions, to the detriment of shareholders of the Company. The lawsuit alleges that the directors have neglected and abused their fidiciary duties and responsibilities by, among other things: (1) approving or acquiescing in improper loans to, and excessive compen- sation for, Joel Kovner, the Chief Executive Officer and a director of the Company ($208,500 salary and $240,000 bonus in 1995, and a $2,250,000 salary continuation agreement); (2) approving excessive compensation for themselves as directors; (3) failing to disclose to the shareholders that certain directors are not independent and impartial because they have personally made signifi- cant loans to Mr. Kovner; (4) entrenching themselves in control of the Company by adopting unfair, unreasonable and illegal By-Law provisions effectively eliminating the shareholders' right to nominate director candidates; (5) approving significant loans to financially unqualified borrowers who are friends or confederates of Mr. Kovner; and (6) allowing Mr. Kovner to manipulate the financial records of the Company and engage in other inappropriate conduct. The Court has not yet made any determination on the merits of the lawsuit. PLEASE DO NOT RETURN MR. KOVNER'S PROXY. WE WILL BE MAILING A PROXY STATEMENT TO YOU SHORTLY SETTING FORTH OUR PLANS IN MORE DETAIL. The Committee has requested that the Company schedule a Special Share- holders Meeting on July 8, 1996, at which the Committee will nominate a slate of directors who possess the qualifications and independence to lead and manage the Company. If you have any questions in the meantime, please feel free to contact the Shareholders Protective Committee's counsel, Brown, Cummins & Brown Co., L.P.A., Cincinnati, Ohio at 513-381-2121. Ask for Mr. Cummins, Mr. Brown or Ms. Corwin. Sincerely yours, SHAREHOLDERS PROTECTIVE COMMITTEE Professional Bancorp, Inc. By: /s/ Milton J. Schloss Sr. Milton J. Schloss Sr., Trustee, Committee Chairperson Release Date: May 29, 1996 For current news, look for our new web cite at www.protect-firstprofbanc.com Shareholders Protective Committee Milton J. Schloss Sr., Trustee, Milton J. Schloss Sr. Trust U/A DTD 1/3/84, 1385 Tennessee Avenue, Cincinnati, Ohio 45229, No. of Shares Beneficially Owned: 21,000; George E. Fern Co., George J. Budig, President, 1100 Gest Street, Cincinnati, Ohio 45203, No. of Shares Beneficially Owned: 60,270; Martin S. Goldfarb, M.D., 2080 Century Park East, Suite 1806, Los Angeles, California 90067, No. of Shares Beneficially Owned: 22,050; Herbert B. Weiss, Esq., Delaware Charter Guarantee & Trust, Trust FBO Herbert Weiss IRA, Keating, Muething & Klekamp, 1800 Provident Tower, 1 East Fourth Street, Cincinnati, Ohio 45202, No. of Shares Beneficially Owned: 10,500; Joel S. Moskowitz, Esq., 4300 Carew Tower, 441 Vine Street, Cincinnati, Ohio 45202, No. of Shares Beneficially Owned: 3,675; and Mark B. Kuby, M.D., 8014 Plainfield, Cincinnati, Ohio 45236, No. of Shares Beneficially Owned: 26,250 -----END PRIVACY-ENHANCED MESSAGE-----