Lazare Kaplan International Announces Resignation Of Director; Response Of Underwriters To Insurance Claims
NEW YORK, May 7 /PRNewswire-FirstCall/ -- Lazare Kaplan International Inc. (Amex: LKI) (the "Company") announced today that on May 5, 2010, Robert A. Del Genio informed the Company of his decision to resign as a member of its Board of Directors, effective as of May 5, 2010. Mr. Del Genio's decision to resign was not due to a disagreement with the Company on any matter relating to the Company's operations, policies or practices.
Mr. Del Genio resigned due to potential conflicts of interest relating to a lawsuit recently brought by the Company against insurance companies that are represented by, or that have affiliates that are represented by, Conway Del Genio, Gries & Co., LLC, in matters unrelated to the Company. Mr. Del Genio is a member and co-founder of Conway Del Genio, Gries & Co., LLC.
The Board of Directors of the Company has not as of yet identified a replacement to fill the vacancy on the Board created by Mr. Del Genio's resignation.
Additionally, as previously announced by the Company relating to an Agreement for Interim Payment entered into between the Company and certain insurers of the Company and underwriters (collectively, the "Underwriters"), the Underwriters committed to reach a decision by May 3, 2010 as to whether the Company has coverage under certain of its insurance policies with respect to claims made by it and, if so, the amount of payment for the same.The Company has now been informed by the Underwriters that they (a) concluded that the Company has not met its burden to show that the Underwriters are obligated at this time to make a payment under the insurance policies and (b) are at present denying any obligation to make any payment to the Company. The Company is permitted to submit additional evidence to support its claims which will then be considered by the Underwriters.
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