Following an inability to resolve a lawsuit, the entire board of Ameritrans Capital Corp. resigned. After Robert Ammerman on June 26 moved to remove four directors elected to the board by holders of certain preferred stock, directors Michael Feinsod, Peter Boockvar, Howard Sommer, John Laird, Ivan Wolpert, Steven Etra and Elliott Singer stepped down as directors.

Before doing so, the board appointed Ammerman and his recommended appointees - Peter Kagunge, Frank Strohm and Arthur Little - to the board. Feinsod also resigned as president and CEO, effective the same day. Additionally, on July 8, Richard Feinstein resigned as CFO and senior vice president of finance.