KaiserTech revealed in its proxy statement that...

KaiserTech revealed in its proxy statement that its chairman, Alan E. Clore, who recently agreed to sell his 32% stake in the company to Maxxam Group, told KaiserTech that he wanted to change some of his eight alloted nominations. Five directors of KaiserTech, which is expanding its board to 15 members from 14, had sued Clore seeking to block what they contended were Clore’s plans to put nominees representing Maxxam on the board. Maxxam told KaiserTech that expanding the board was “ineffective” based on an existing agreement with Clore or, if it constituted an amendment to the Clore agreement, then it breeched Clore’s agreement with Maxxam. In response, KaiserTech filed suit in federal court in Delaware against Clore and Maxxam seeking a ruling that the proxy statement “reflects the material facts relative to the election of directors.”