The Stilwell Group, owning 12.4% of Silvergate Capital (OTC: SICP, SICPQ, SICPL), commented on the results of Silvergate's 2024 Annual Meeting held on September 27. Joseph Stilwell was elected to the board with over 10.5 million votes, representing more than 95% of shares voted. In contrast, legacy directors received just over 1 million votes and were notably absent from the meeting.
The press release highlights that four legacy directors oversaw Silvergate Bank's demise and previous management charged by the SEC with 'negligence-based fraud'. Joseph Stilwell stated his commitment to maximizing value for common shareholders. The release also mentions Cravath, Swaine & Moore LLP's role as lead counsel during litigation and failed attempts to stop the Annual Meeting.