A proxy fight for three seats on...

A proxy fight for three seats on the board of Valley Federal Savings & Loan ended in a draw between the S&L;’s management and Hecco Ventures, a dissident holder of 9.9% of the Van Nuys-based thrift’s stock. James J. Cotter, a Hecco general partner, was elected to Valley Federal’s 10-member board along with a Valley Federal nominee, Robert M. Neiman. The third seat went to Andrew Pilara Jr., an independent money manager whose clients own 24% of the stock. The vote was held April 27 but announcement of the results was delayed because of last-minute vote-changing by shareholders. Cotter’s election, meanwhile, is being challenged in court by Valley Federal, which said it conditionally added him to its board pending the lawsuit’s outcome.