A meeting date and place are now set for Shenandoah Life policyholders to vote on the company’s acquisition. Information and voting materials have been sent out in advance of the meeting; it is December 15th at the Holiday Inn Tanglewood. And as WFIR’s Evan Jones reports, the prospective owners say they will keep the company based in Roanoke.
[audio:http://wfirnews.com/wp-content/uploads/2011/11/11-03-Shenandoah-Wrap1-WEB.mp3|titles=11-03 Shenandoah Wrap1-WEB] Shenandoah Life has been under state receivership for almost three years, ever since some bad mortgage investments left it in precarious financial shape. The State Corporation Commission recommends conversion of the Roanoke-based company to a subsidiary of United Prosperity Life Insurance. But first, two-thirds of the policyholders must approve the acquisition when they meet next month.
Click here for full receivership and policyholder vote information.