First Executive Corp. Sued: Two shareholders filed...

First Executive Corp. Sued: Two shareholders filed suit against First Executive Corp. seeking to stop the Los Angeles-based insurance company’s previously announced stock rights offering, contending that it is an anti-takeover device. Separately, ICH Corp., a Louisville, Ky.-based insurance holding company that may sell its 20% stake in First Executive, said it exchanged rights issued to it by First Executive for warrants to purchase additional common stock. ICH, barred from a hostile takeover of First Executive, is expected to sell the warrants, one analyst said.