Herrick Foundation sells 500,000 shares of Tecumseh Products

By Lisa Kerner

Charlotte, N.C., Sept. 29 - Tricap Partners II, LP exercised its option to purchase 500,000 shares of Tecumseh Products Co. class B stock from Herrick Foundation at $16.00 per share on Sept. 25.

Herrick Foundation had granted Tricap the option in 2006 in part to induce Tricap to make a $100 million second lien credit agreement available to Tecumseh, according to a schedule 13-D filed with the Securities and Exchange Commission.

Todd Herrick, president of Herrick Foundation, is the former chairman and chief executive officer of Tecumseh. He beneficially owns approximately 1.67 million shares, or 33.1% of Tecumseh, the filing said. Herrick was removed by the company's board of directors in 2007.

In August, Tecumseh announced Oct. 17 as the record date for its special meeting to be held on Nov. 21.

The company was court ordered to hold the special meeting in response to a complaint filed in June by the Herrick Foundation, it was previously reported.

Herrick is seeking the removal of Peter Banks and David Risley from the company's board, as well as the election of their replacements, a prior Tecumseh news release noted.

Tecumseh, based in Tecumseh, Mich., manufactures compressor and other products.

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