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From Home Furnishing Business

Stanley Sets March 2 Shareholders Meeting to Vote on Sale

Stanley Furniture (NASDAQ: STLY) has scheduled a special shareholders meeting for March 2 to vote on the proposed sale of substantially all of the company’s assets to an entity headed by Walter Blocker, chairman of the Vietnam Trade Alliance.

The meeting, scheduled for 10 a.m. in the Charlotte, N.C., offices of the McGuire Woods law firm, also will include an advisory vote on compensation that will be paid to Stanley’s key executives once the asset sale is completed.

Stanley’s board of directors has agreed to sell the assets to Blocker’s company, Churchill Downs LLC, for $18.4 million.

The meeting notice, included in a Securities and Exchange Commission filing, also contained several amendments to an earlier proxy statement filed with the SEC regarding the asset sale.

The amendments were added to settle a class action suit filed Feb. 5 that accused Stanley’s board of failing to disclose material information related to the proposed sale and some of the events leading up to it.

In the filing, Stanley denied wrongdoing, but said it was making the additional disclosures “in order to alleviate the costs, risks and uncertainties inherent with litigation.” The company said it has reached an “agreement in principle” with the plaintiffs that the additional disclosures would resolve the suit.

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