Corporation Delays GM Decision; Penn Votes to Support Insurgents

The Harvard Corporation yesterday postponed any final decision in the General Motors proxy fight to give "interested or informed individuals, students or Faculty" an opportunity to comment on the issue.

In doing so, the Corporation passed up a chance to become the first university in the country to support the Campaign GM proxy challenge.

The trustee investment committee of Penn University voted unanimously yesterday to mark its 29,893 share-holder votes in favor of the two Campaign GM resolutions on the company proxy statement.

Trust Newspapers

The nine trustees and four Wharton School of Finance professors advising the University on its investments said they will support the insurgent stock-holders "assuming what has appeared in the newspapers is true." Like the Corporation, the Penn trustees said they have not seen the official proxy ballot.

The Corporation also said they will seek out opinions on the GM question from "a number of individuals thought to be especially knowledgeable on the issues involved."

"The decision will finally be taken only after careful consideration of all sides of the question," they added.

The Corporation said all comments should be submitted to the Secretary of the Corporation before May.