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January 16, 1996
Securities and Exchange Commission
450 Fifth Street, NW
Washington, D.C. 20549
Re: Presidential Life Corporation (the "Company")
Ladies and Gentlemen:
Enclosed please find for filing under the Securities Exchange Act of 1934,
as amended, and the rules and regulations promulgated thereunder, a copy of the
Current Report of the Company on Form 8-K. Concurrently herewith, copies of
such report are being sent to the National Association of Securities Dealers,
Inc.
Very truly yours,
Herbert Kurz
Principal Executive Officer and Director
HK:dm
Enc.
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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report: (Date of earliest event reported): January 16, 1996
Presidential Life Corporation
(Exact name of registrant as specified in its charter)
Delaware 0-5486 13-2652144
(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification No.)
69 Lydecker Street, Nyack, New York 10960
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (914) 358-2300
(Former name or former address,
if change since last report)
Item 5. Other Events.
On January 10, 1996, Presidential Life Insurance Company, a wholly-owned
subsidiary of Presidential Life Corporation (the "Registrant"), was informed by
Pennsylvania Insurance Commissioner Linda S. Kaiser, that in response to the
significant improvement in the invested assets of Fidelity Mutual Life Insurance
Company (FML) of Radnor, Pennsylvania, she has reopened the process to select an
equity investor for the recapitalization and rehabilitation of FML.
Presidential disagrees with the Commissioner's decision to reopen the
process and has reserved all of its rights, including those under the Stock
Purchase Agreement signed in January 1995 with the Pennsylvania Insurance
Department.
A copy of the press release made by the Commonwealth of Pennsylvania
Insurance Department making the announcement is attached hereto as Exhibit 99.1
and is hereby incorporated by reference.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
(a) Financial Statements of Business Acquired
None.
(b) Pro Forma Financial Information
None.
(c) Exhibits
99.1 Press Release
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this Report to be signed on its behalf by the
undersigned thereunto duly authorized.
Dated: January 16, 1996 PRESIDENTIAL LIFE CORPORATION
By: Herbert Kurz
Name: Herbert Kurz
Title: Principal Executive Officer
and Director
INDEX OF EXHIBITS
Exhibit
Number Description of Documents Page
99.1 Press Release 5
N E W S R E L E A S E COMMONWEALTH OF PENNSYLVANIA
Insurance Department
Commonwealth News Bureau
Room 308, Capitol
Harrisburg, PA 17120
FOR IMMEDIATE RELEASE CONTACT: Crystal L. Hull
(717) 787-3289
PENNSYLVANIA INSURANCE DEPARTMENT REOPENS PROCESS
FOR INVESTMENT IN FIDELITY MUTUAL LIFE INSURANCE COMPANY
HARRISBURG (Jan. 10) -- In response to the significant improvement in the
invested assets of The Fidelity Mutual Life Insurance Company (FML) of Radnor,
Pennsylvania Insurance Commissioner Linda S. Kaiser, today announced that she
has reopened the process for selecting an equity investor to provide the
recapitalization proposed in the amended plan of rehabilitation for FML. Only
Presidential Life Insurance Company of Nyack, New York, the equity investor
originally selected; DELPHI Financial Group, Inc., of Wilmington, Delaware; and
Kelso and Company, Inc. of New York, New York, will be invited to participate in
the Insurance Department's new search for an equity investor. All three
companies were finalists in the original search for an equity investor.
The Insurance Department outlined an aggressive schedule over the course of
the next six to eight months in its effort to rehabilitate FML. The first step
will be the issuance of specifications to Presidential, DELPHI and Kelso with
selection of the equity investor anticipated in early Spring.
"We will expedite the selection process in hopes of submitting a second
amended plan of rehabilitation to Commonwealth Court by late Spring," said
Kaiser. "The plan will preserve and maximize the value of each insurance policy
and protect the financial investments of the policyholders."
According to Presidential's Chairman of the Board, Herbert Kurz,
Presidential disagrees with the Insurance Commissioner's decision and has
reserved its rights under the Stock Purchase Agreement signed in January 1995.
FML has been under the control of the Pennsylvania Insurance Department
since November 6, 1992 when Commonwealth Court granted a request by the
Insurance Department and Fidelity Mutual to place the financially-troubled
company into rehabilitation.
