A spokesman for the New York Insurance Department said regulators "are more than happy" to meet and hold another discussion with former American International Group Chairman Maurice Greenberg's lawyers over possible attempts to sway stockholders and exert unauthorized control of his former company.
In filings with the U.S. Securities and Exchange Commission, it was revealed that the New York Insurance Superintendent Eric Dinallo warned Mr. Greenberg last month that he and a group of other AIG shareholders were illegally exerting influence on the company.
The fact that the group, according to Mr. Dinallo, "collectively owned almost 12 percent of AIG's voting shares makes the Group a controlling person under New York Insurance Law Article 15. Having failed to receive the superintendent's prior approval to possess control…the Group stands in violation of Article 15 [regulating control of insurance companies] unless and until it obtains a determination by the Superintendent."
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