Wednesday, September 13, 2006

Karpus Management Expresses Dissatisfaction with Adams Express (ADX) Preliminary Proxy Statement

In a 13D filing on Adams Express Company (NYSE: ADX) Karpus Management disclosed a 0.78% stake (659K shares) in the company and a letter to the company's General Counsel expressing their dissatisfaction with the inherent shareholder disregard expressed in the preliminary proxy materials filed on September 6, 2006.

Karpus said, "while reading the preliminary materials, we found many instances where the proposed changes are argued to benefit the company's discretion in the long-run but find absolutely no compelling reason why it would be in shareholders' best interests to relinquish the key accountability measures listed in the proxy materials."

The firm also said, "we can find no indication why it is that the Board is calling this special meeting altogether because in our belief it would have been more efficient and cost effective to have shareholders vote on these issues at the same time that they voted on the routine annual meeting matters back in March."

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