AIG sees no need to honor ex-CEO request to delay AGM - Business

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Business News

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NEW YORK (Reuters) - Maurice "Hank" Greenberg, former chief executive of American International Group , has said the insurer is in "crisis" and urged a delay in its annual general meeting scheduled for Wednesday, according to a letter he sent to the board

By Lilla Zuill
NEW YORK (Reuters) - Maurice "Hank" Greenberg, former chief executive of American International Group (AIG.N), has said the insurer is in "crisis" and urged a delay in its annual general meeting scheduled for Wednesday, according to a letter he sent to the board.
But AIG said late on Monday its board sees no need to postpone the meeting, according to a spokesman.
"Several top shareholders of AIG have called me expressing deep concern about the persistent and seemingly endless destruction of value at AIG," Greenberg said in the May 11 letter to the board, a copy of which was filed with the U.S. Securities and Exchange Commission on Monday.
AIG shares fell nearly 5 percent after news of the letter, with the stock ending the day at its lowest point since October 1998.
The letter followed AIG's reporting last Thursday a $7.8 billion first-quarter loss, its largest-ever, as a result of a large write-down to the value of securities linked to subprime mortgages. Overall results also disappointed, with lackluster operating results reported by a number of units. The company also said it was raising capital to bolster its balance sheet.
The company late on Monday raised $11.9 billion, according to an underwriter -- more than the $7.5 billion that the offerings of common stock and mandatory convertibles were expected to raise. AIG plans to raise $5 billion more at a later date with the issue of fixed-income securities.
AIG's loss came after it a quarter earlier posted a then record net loss of $5.3 billion, also as a result of writing down the value of the same securities -- credit default swaps -- which basically guaranteed subprime mortgage bonds and other assets against default.
"AIG is in crisis," Greenberg said, in the letter calling on AIG's board to postpone its annual general meeting.

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Amazon profit, sales above view and shares rise - 24, Jul 2008

Creditors say fraud possible in SemGroup collapse - 24, Jul 2008

Wall Street rises on oil drop, housing plan optimism - 24, Jul 2008

Pulte Homes second-quarter loss narrows - 24, Jul 2008

Amazon net profit doubles, helped by asset sale - 24, Jul 2008

Fed says price pressures gain, growth slackens - 24, Jul 2008

House passes housing bill; Bush lifts veto threat - 24, Jul 2008

New York Times quarterly profit, revenue fall - 23, Jul 2008

AT&T profit rises on wireless growth - 23, Jul 2008

Glaxo to invest in diversity, cautious on outlook - 23, Jul 2008