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Judge Denies United Investors Election Injunction

HOUSTON-A Harris County judge has rejected an injunction request filed by an attorney representing more than 500,000 UIRT shareholders. But the group has won the right to use UIRT shareholder information to jockey for more support to change the election process.

By Jennifer Brenner Andrade | Updated on March 27, 2001

HOUSTON-A Harris County judge has nixed an injunction request filed against United Investors Realty Trust, the plaintiffs’ attorney tells GlobeSt.com. Larry Dennedy of Mackenzie Partners represents Southwest Securities Inc. and a shareholders committee trying to block the current election process for trust managers. The group represents more than 500,000 shareholders.

While this injunction is dead in the water, the group has legally won the right to use UIRT shareholder information to jockey for more support, says Dennedy. The group wants to change UIRT by-laws so that incumbents and nominee trust managers are subject to the same election procedure. And it has two months to do so, for that is when the next annual meeting is to be held.

The current system requires nominees to receive upward of 4.3 million votes while incumbents can be elected with as little as 25.1% or about 2.2 million votes if a quorum is present at the meeting. In essence, non-incumbents have nearly double the vote requirements of incumbents, says Dennedy.

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