Company Overview of White River Capital Inc
White River Capital, Inc., through its subsidiary, Coastal Credit LLC, engages in specialized indirect auto finance business in the United States. It provides financing programs to customers of automobile dealers who meet Coastal Credit’s credit standards; and acquires and services contracts from dealers for used and new cars and light trucks purchases made by borrowers having limited or impaired credit histories, or purchasing older model and higher mileage automobiles. The company collects payments due from borrowers; monitors collections; and pursues the collection of delinquent accounts, including the liquidation of collateral securing defaulted contracts. As of August 3, 2012, it served...
6051 El Tordo
P.O. Box 9876
Rancho Santa Fe, CA 92067
Founded in 1987
Key Executives for White River Capital Inc
Compensation as of Fiscal Year 2013.
White River Capital Inc Key Developments
White River Capital Inc. Announces Management Changes; Amends Articles of Incorporation and Bylaws
Feb 14 13
White River Capital Inc. announced that in connection with the consummation of the merger and the terms of the merger agreement, the tenures on the company’s board of directors of each of John M. Eggemeyer, III, Thomas C. Heagy, Daniel W. Porter, John W. Rose, and Richard D. Waterfield automatically ended, and the directors of Merger Sub immediately prior to the effective time of the merger became the directors of the surviving corporation. In addition, in connection with the consummation of the Merger, the employments of each of John M. Eggemeyer, III, the Chairman and Chief Executive Officer of the company, and Martin J. Szumski, the Chief Financial Officer and Senior Vice President of the company, terminated at the effective time of the Merger on February 14, 2013.
The company also announced that in connection with the consummation of the merger, the articles of incorporation and bylaws of the company in effect immediately prior to the effective time of the merger were amended and restated in their entirety.
White River Capital Inc. Receives Notice of Class Action Lawsuit
Jan 24 13
On January 17, 2013, White River Capital Inc. received notice that a putative class action lawsuit was filed on January 14, 2013 in the Superior Court of San Diego County, California against White River, each of the members of White River's board of directors, Parthenon Investors IV, L.P., Coastal Credit Holdings Inc., and Coastal Credit Merger Sub Inc. alleging, among other things, that the board of directors breached fiduciary duties in connection with the board's approval of the merger between White River and Merger Sub and issuing the proxy statement for the special meeting of shareholders to be held to consider and vote upon the Merger, and that Parthenon, Parent, and Merger Sub aided and abetted such alleged breaches of fiduciary duties. The cause of action is captioned Fundamental Partners v. Eggemeyer, et al. (Case No. 37-2013-00029777-CU-SL-CTL). The plaintiff seeks a declaratory judgment that the defendants breached, or aided and abetted in the breach of, their fiduciary duties to the plaintiff and the class members, injunctive relief preventing the consummation of the Merger, and damages as a result of the alleged actions of the defendants, including attorneys' fees and experts fees. Additionally, on January 23, 2013, the plaintiff filed with the court a motion for a temporary restraining order and expedited discovery seeking to temporarily restrain the consummation of the proposed Merger and seeking limited discovery pending a full preliminary injunction hearing. A hearing before the court on the plaintiff's motion is currently scheduled for January 31, 2013. White River strongly believes that the lawsuit is without merit and intends to vigorously defend against the pending claims, including vigorously defending against the motion for temporary restraining order.
White River Capital Inc, Special/Extraordinary Shareholders Meeting, Feb 11, 2013
Jan 24 13
White River Capital Inc, Special/Extraordinary Shareholders Meeting, Feb 11, 2013., at 09:00 Pacific Standard Time. Location: The Inn at Rancho Santa Fe. Agenda: To consider, approve and adopt the agreement and plan of merger dated as of November 15, 2012, by and among Coastal Credit Holdings, Inc., Coastal Credit Merger Sub, Inc., and White River; to consider and approve, on a non-binding advisory basis, the compensation that may or will become payable to the named executive officers of White River in connection with the merger; approve the adjournment of the special meeting, if necessary, to permit the solicitation of additional proxies in the event there are not sufficient votes, in person or by proxy, to approve any of the above proposals; and to transact any other business as may properly come before the special meeting or any adjournments of the special meeting.
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