Altadena : Water Co. Challenges Group
Lawyers for Lincoln Avenue Water Co. are fighting a shareholder group’s legal challenge to water board election guidelines by questioning how many share owners it represents.
Lincoln’s attorney last week asked Judge Thomas Stover to require Concerned Shareholders of Lincoln Avenue Water to provide information on how many shareholders the group represents.
“They don’t even have a substantial minority of shareholders supporting them,” board member Bob Gomperz said.
The group filed suit against the company in March, alleging its bylaws made it almost impossible to unseat incumbents on the five-member board.
Concerned Shareholders campaigned for a seat last year and lost by a wide margin. Its lawsuit claims the election was invalid because a quorum of 20% of shareholders did not vote. There are about 4,200 shareholders.
A judge agreed and imposed a temporary restraining order blocking this year’s election, scheduled for May 3.
Most Altadena residents buy stock in the firm to receive water service. The amount of stock depends on the size of a lot.
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