Wilshire Enterprises (AMEX: WOC) shareholders will have to wait another week before hearing the results of their proxy contest. The company filed a Schedule 14A filing with the SEC indicating that they would adjourn the annual meeting until Monday, March 30, 2009 at 1:00 p.m. Eastern Standard Time. The meeting will determine whether Full Value will overtake the board and liquidate the company.

Many investors view the delay as a last-second desperate tactic by management to save their jobs. The company has already spent thousands of dollars in color brochures and other materials designed to convince shareholders to vote in their favor. Meanwhile, many other shareholders have even reported receiving calls at home from management looking for votes on Yahoo! Finance.

The one thing that is certain is that Full Value has agreed to conduct a tender offer at $2.00 per share upon victory, which represents a substantial premium to today’s $1.15 share price. Meanwhile, management has been criticized not only by Full Value, but also independent proxy advisory firms, for not taking any meaningful actions to turn the company around.

Whether or not the company gets sold or not remains to be seen, but shareholders will now have to wait a bit longer to find out.

Related Companies
The InterGroup Corporation (INTG)
Avatar Holdings Inc. (AVTR)
NTS Realty Holdings LP (NLP)