Moab Partners Supports Ancora Advisors' Proposal for a 1:1 Conversion of Lennar's Class B Shares
NEW YORK, Nov. 2, 2012 (GLOBE NEWSWIRE) -- Moab Capital Partners, LLC ("Moab Capital") today announces that it is in agreement with Ancora Advisors' recommendation to the Board of Directors of Lennar Corporation ("Lennar" or the "Company") to allow Class B Common Stockholders of Lennar to forego their super-voting rights and convert into more liquid Class A shares at a 1 to 1 ratio.
As a long term Lennar Class B shareholder and one of the largest holders of Lennar Class B shares after Stuart Miller, Moab Capital has also been frustrated by the lack of interest on behalf of the Lennar's Board of Directors to address the growing dislocation in one of the company's publicly traded securities. Moab Capital believes that several possible remedies exist to address this disparity, and believes that the Board of Directors should take the appropriate steps to rectify this issue.
About Moab Capital Partners, LLC
Moab Capital is an SEC-registered independent investment advisor founded in 2006 and is located in New York, NY.