Chairman terms lawsuit to dissolve 80% owner of Value Line "frivolous".NEW YORK--(BUSINESS WIRE)--July 3, 1996--Value Line Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :VALU VALU Vector Arithmetic Logic Unit ) reported today in response to an article in The New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Times that a lawsuit had been filed in New York State Supreme Court that seeks the dissolution of Arnold Bernhard & Co., Inc., which owns approximately 80% of the outstanding common stock of Value Line. Jean Bernhard Buttner, chairman and chief executive officer of Value Line and Arnold Bernhard & Co., described the lawsuit as "frivolous." The lawsuit was brought by Arnold Van Hoven Bernhard and two co-trustees of a trust of which he is the income beneficiary Income beneficiary One who receives income from a trust. . The lawsuit alleges mistreatment mis·treat tr.v. mis·treat·ed, mis·treat·ing, mis·treats To treat roughly or wrongly. See Synonyms at abuse. mis·treat of the complaining minority shareholders and misconduct by the directors and officers of Arnold Bernhard & Co. Mrs. Buttner noted that "Value Line is not a party and no relief is sought from Value Line in this unfounded action. After consulting with counsel, we concluded that it would be inappropriate to give publicity to baseless claims that might mislead the public." Mrs. Buttner commented "This lawsuit is one more chapter in a series of frivolous litigations commenced by Van Bernhard that seek to harass the family business interests built successfully by others. Sadly, my brother continues to hire lawyers to attack the very corporate structure created by his father that has always supported him and protected the family interests." If Arnold Bernhard & Co. were to be dissolved, Value Line stock held by Arnold Bernhard & Co. would be distributed to the various shareholders of Arnold Bernhard & Co. and no single individual would control a majority of Value Line stock. Mrs. Buttner owns a majority of voting stock Voting stock The shares in a corporation that entitle the shareholder to vote. voting stock Stock for which the holder has the right to vote in the election of directors, in the appointment of auditors, or in other matters brought up at the of Arnhold Bernhard & Co., which was left to her by her late father. Value Line is a leading New York-based investment publishing and investment management company. The Value Line Investment Survey is the nation's largest independent advisory service. In addition, the company provides other investment related periodicals, which are produced in both printed and electronic form. Value Line provides investment management services to the Value Line Family of 16 no-load mutual funds No-load mutual fund An open-end investment company whose shares are sold without a sales charge. There can be other distribution charges, however, such as Article 12B-1 fees. A true no-load fund has neither a sales charge nor a distribution fee. and to institutional and individual portfolios through its asset management division. CONTACT: Value Line Inc. Howard A. Brecher 212/907-1620 |
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