Aerojet

Aerojet Rocketdyne Executive Chairman Warren Lichtenstein Comments on Court Victory with Finding that CEO Eileen Drake Acted Unlawfully

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Friday, June 17, 2022
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The Court found that Ms. Drake violated its Temporary Restraining Order (TRO), and then falsely testified to the contrary.

Key Points: 
  • The Court found that Ms. Drake violated its Temporary Restraining Order (TRO), and then falsely testified to the contrary.
  • For example, the Court wrote that Drake testified that Aerojet did not meaningfully facilitate the transfer of Aerojet shares into her personal Computershare account.
  • She claims that she did nothing more than ask for Aerojet employees to provide ministerial assistance in unlocking her Computershare password.
  • The Court found that Ms. Drake weaponized the internal investigation of Mr. Lichtenstein in order to impugn his credibility.

Committee for Aerojet Rocketdyne Shareholders and Value Maximization Files New Investor Presentation

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Tuesday, June 7, 2022
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EL SEGUNDO, Calif., June 7, 2022 /PRNewswire/ -- Eileen Drake (the CEO of Aerojet Rocketdyne (NYSE: AJRD)) and Gen. Kevin Chilton (Ret.), Thomas Corcoran and Gen. Lance Lord (Ret.) (three of its Independent Directors) (collectively, the "Non-Steel Directors") issued the following open letter to the shareholders of Aerojet Rocketdyne Holdings, Inc. ("Aerojet Rocketdyne" or the "Company"):

Key Points: 
  • (three of its Independent Directors) (collectively, the "Non-Steel Directors") issued the following open letter to the shareholders of Aerojet Rocketdyne Holdings, Inc. ("Aerojet Rocketdyne" or the "Company"):
    Aerojet Rocketdyne's shareholders are facing an important decision at the Special Meeting on June 30th.
  • The Company improved its competitive position, explored value-enhancing alternatives, gained key customer wins and is now positioned to deliver substantial future value to Aerojet Rocketdyne shareholders.
  • On the other hand, Warren Lichtenstein (Aerojet Rocketdyne's Executive Chairman) has endeavored to undermine the Company's management and forward momentum.
  • We urge Aerojet Rocketdyne shareholders to support the Independent Slate at the upcoming Special Meeting.

Aerojet Rocketdyne CEO comments on Executive Chairman Warren Lichtenstein's Latest Rantings

Retrieved on: 
Friday, May 27, 2022
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Failing to mention that Mark Tucker, his proposed CEO replacement and recently identified director nominee, is also a Steel Partners paid consultant.

Key Points: 
  • Failing to mention that Mark Tucker, his proposed CEO replacement and recently identified director nominee, is also a Steel Partners paid consultant.
  • Blaming Ms. Drake for the senior executives who recently left Aerojet Rocketdyne following the extreme pressure and demands Mr. Lichtenstein imposed on them as part of his attempted takeover.
  • This communication is being sent in Ms. Drake's individual capacity, and not on or behalf of Aerojet Rocketdyne, Inc (the "Company").
  • Information about the participants is set forth in the preliminary proxy statement filed by the Incumbent Directors on May20, 2022.

Aerojet Rocketdyne Executive Chairman and Aligned Shareholder Warren Lichtenstein Highlights Results of Non-Management Committee’s Investigation

Retrieved on: 
Monday, May 16, 2022
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As a reminder, the Committee was carrying out a costly, distracting and months-long investigation into Mr. Lichtenstein that was initiated by Ms. Drake.

Key Points: 
  • As a reminder, the Committee was carrying out a costly, distracting and months-long investigation into Mr. Lichtenstein that was initiated by Ms. Drake.
  • The Committees conclusions are crystal clear: I acted lawfully and in a manner consistent with my fiduciary responsibilities to further the best interests of Aerojet Rocketdyne's shareholders.
  • I did not violate my fiduciary duty as Executive Chairman, the Companys Code of Conduct, or any other law or Company policy.
  • That was and remains my duty as Executive Chairman.

Aerojet Rocketdyne Executive Chairman Warren Lichtenstein Announces Commitment to Hold Annual Meeting on July 12th

Retrieved on: 
Wednesday, May 11, 2022
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Aerojet Rocketdyne Holdings, Inc. (NYSE: AJRD) (Aerojet Rocketdyne or the Company) Executive Chairman Warren Lichtenstein, who, collectively with his affiliates and the participants in his solicitation, owns approximately 5.2% of the Company's outstanding shares, today announced his firm commitment to agree to schedule Aerojet Rocketdynes 2022 Annual Meeting of Stockholders (the Annual Meeting) on July 12, 2022, without any attached conditions.

Key Points: 
  • Aerojet Rocketdyne Holdings, Inc. (NYSE: AJRD) (Aerojet Rocketdyne or the Company) Executive Chairman Warren Lichtenstein, who, collectively with his affiliates and the participants in his solicitation, owns approximately 5.2% of the Company's outstanding shares, today announced his firm commitment to agree to schedule Aerojet Rocketdynes 2022 Annual Meeting of Stockholders (the Annual Meeting) on July 12, 2022, without any attached conditions.
  • To that end, we proposed to hold the Annual Meeting on June 27th and at the latest July 12th with the latter date not subject to any conditions.
  • The Special Meeting is completely unnecessary given that the Annual Meeting date we are proposing would likely occur just weeks after the Special Meeting would be held.
  • The Drake Factions rejection of the July 12th Annual Meeting date begs the question of why they would push so hard for a Special Meeting just weeks beforehand.

Aerojet Rocketdyne Executive Chairman Warren Lichtenstein Comments on the Questionable Special Meeting Sought by Rogue CEO Eileen Drake and Her Complicit Boardroom Allies

Retrieved on: 
Wednesday, May 11, 2022
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Time and time again, Ms. Drake and her allies have misused shareholders resources, taken self-serving steps and shown an utter lack of credibility.

Key Points: 
  • Time and time again, Ms. Drake and her allies have misused shareholders resources, taken self-serving steps and shown an utter lack of credibility.
  • The attempted Special Meeting is nothing different it is a dubious and desperate ploy to hold on to her position.
  • Further, Ms. Drake lacks any real vision for the future of the Company and creating value for shareholders.
  • Steel Holdings GP is the general partner of Steel Holdings, the managing member of SPHG and the manager of SPHG Holdings.

Warren Lichtenstein, Executive Chairman of Aerojet Rocketdyne, Files Lawsuit in Federal Court Against Rogue CEO Eileen Drake and Her Activist Slate of Director Candidates

Retrieved on: 
Wednesday, April 27, 2022
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"As I have said several times, this contest for the future of Aerojet Rocketdyne comes down to two factors: credibility and vision.

Key Points: 
  • "As I have said several times, this contest for the future of Aerojet Rocketdyne comes down to two factors: credibility and vision.
  • It is important to stress that the Drake Proxy contains numerous materially misleading statements, including with respect to the rationale for her purported special meeting.
  • I want all shareholders to know that Ms. Drakes desperate plan to avoid the Annual Meeting is an unprecedented, deceitful gimmick.
  • Accordingly, Steel Holdings, SPHG and Steel Holdings GP may be deemed to beneficially own the Shares directly owned by WebFinancial.

Aerojet Rocketdyne Secures its Largest RL10 Engine Contract from United Launch Alliance

Retrieved on: 
Monday, April 11, 2022
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WEST PALM BEACH, Fla., April 11, 2022 (GLOBE NEWSWIRE) -- United Launch Alliance (ULA) recently awarded the largest RL10 contract ever to Aerojet Rocketdyne to deliver 116 RL10C-X engines for its Vulcan Centaur rocket.

Key Points: 
  • WEST PALM BEACH, Fla., April 11, 2022 (GLOBE NEWSWIRE) -- United Launch Alliance (ULA) recently awarded the largest RL10 contract ever to Aerojet Rocketdyne to deliver 116 RL10C-X engines for its Vulcan Centaur rocket.
  • The new engines will support ULA as it works to fulfill its commitments under a contract they recently received from Amazon, as part of the largest commercial launch contract in history, to support the launch of its Kuiper satellite constellation.
  • The RL10 engine is the nations premier upper-stage engine and a true workhorse in the industry, said Aerojet Rocketdyne CEO and President Eileen P. Drake.
  • The RL10 engine currently powers the upper stages of ULAs Atlas V and Delta IV launch vehicles, and will soon begin supporting ULAs Vulcan Centaur and NASAs Space Launch System.

Aerojet Rocketdyne’s Innovative Solid Rocket Motor Technology Supports the U.S. Army’s LC-TERM Program

Retrieved on: 
Wednesday, February 9, 2022
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HUNTSVILLE, Ala., Feb. 09, 2022 (GLOBE NEWSWIRE) -- Aerojet Rocketdyne has successfully tested an advanced solid rocket motor as part of the U.S. Army Low Cost Tactical Extended Range Missile (LC-TERM) Technology Program.

Key Points: 
  • HUNTSVILLE, Ala., Feb. 09, 2022 (GLOBE NEWSWIRE) -- Aerojet Rocketdyne has successfully tested an advanced solid rocket motor as part of the U.S. Army Low Cost Tactical Extended Range Missile (LC-TERM) Technology Program.
  • Capabilities demonstrated under the LC-TERM program have applicability to the U.S. Armys Multiple Launch Rocket System (MLRS) family of munitions.
  • This successful test demonstrates Aerojet Rocketdynes advanced propulsion capabilities that continue to position our warfighters with a superior technical advantage, said Eileen P. Drake, Aerojet Rocketdyne CEO and president.
  • Aerojet Rocketdyne is a leader in advanced tactical, strategic and missile defense solid rocket motor propulsion technology.

NASA’s First Planetary Defense Mission Propelled by Aerojet Rocketdyne

Retrieved on: 
Wednesday, November 24, 2021
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REDMOND, Wash., Nov. 24, 2021 (GLOBE NEWSWIRE) -- NASAs first planetary defense missionthe Double Asteroid Redirection Test (DART)launched from Vandenberg Space Force Base, California, on Nov. 23, equipped with a full suite of Aerojet Rocketdyne propulsion.

Key Points: 
  • REDMOND, Wash., Nov. 24, 2021 (GLOBE NEWSWIRE) -- NASAs first planetary defense missionthe Double Asteroid Redirection Test (DART)launched from Vandenberg Space Force Base, California, on Nov. 23, equipped with a full suite of Aerojet Rocketdyne propulsion.
  • NEXT-C was designed and built by Aerojet Rocketdyne in collaboration with NASAs Glenn Research Center.
  • The DART mission is funded by NASAs Planetary Defense Coordination Office and led by Johns Hopkins University Applied Physics Laboratory ( APL ) with support from other industry partners.
  • About Aerojet Rocketdyne: Aerojet Rocketdyne, a subsidiary of Aerojet Rocketdyne Holdings, Inc. (NYSE:AJRD), is a world-recognized aerospace and defense leader that provides propulsion systems and energetics to the space, missile defense and strategic systems, and tactical systems areas, in support of domestic and international customers.