Bank meeting
will proceed
For the second time in a week, a state Circuit Court judge has denied a request to halt takeover target CB Bancshares Inc.'s special shareholders meeting.
Judge Victoria Marks denied a motion yesterday from CB shareholder Barbara Clarridge for a preliminary injunction that would have halted Wednesday's meeting. Marks, who last week turned down suitor Central Pacific Financial Corp.'s request for a temporary restraining order, said Clarridge was unlikely to prevail on the merits, there was no showing of irreparable injury, and the public interest didn't support granting an injunction.
Clarridge's attorney, James Bickerton, argued that shareholders didn't have full disclosure to make an informed vote or enough time to respond to the offer. However, CB attorney Bert Kobayashi said the date was in compliance with the parameters set by state law.
The purpose of the meeting is to vote on CPF's proposed acquisition of a majority of CB's outstanding shares.