Clayton Homes Will Appeal Court's Decision.Business Editors KNOXVILLE, Tenn.--(BUSINESS WIRE)--Aug. 18, 2003 Clayton Homes announced that a Tennessee trial court has refused to halt at a preliminary stage the attempt by the Denver Area Meat Cutters and Employers Pension Plan to enjoin To direct, require, command, or admonish. Enjoin connotes a degree of urgency, as when a court enjoins one party in a lawsuit by ordering the person to do, or refrain from doing, something to prevent permanent loss to the other party or parties. its merger with a subsidiary of Berkshire Hathaway Berkshire Hathaway (NYSE: BRKA, NYSE: BRKB) is a conglomerate holding company headquartered in Omaha, Nebraska, U.S., that oversees and manages a number of subsidiary companies. . The court acknowledged that it made no finding of any wrongdoing wrong·do·er n. One who does wrong, especially morally or ethically. wrong  do , but it refused to stop the plaintiff's action. While the merger has already been made effective by the filing of the Certificate of Merger with the Delaware Secretary of State, the Tennessee trial court's order precludes any additional actions in furtherance of the merger including payment of the merger consideration to stockholders. Clayton Homes believes that the decision of the trial court conflicts with Delaware law and will seek an expedited appeal. Clayton Homes, Inc. is a vertically integrated manufactured housing company with 20 manufacturing plants, 296 Company owned stores, 611 independent retailers, 86 manufactured housing communities, and financial services operations that provide mortgage services for 168,000 customers and insurance protection for 100,000 families. Clayton Homes formerly traded on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. under the symbol CMH CMH Center of Military History CMH Commission on Macroeconomics and Health CMH Chief of Military History CMH Children's Memorial Hospital CMH Ceramic Metal Halide (General Electric light source) CMH Congressional Medal of Honor . Certain statements in this press release are "forward looking" statements within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. These statements are not guaranties of future performance and actual results may differ materially from those forecasted. Clayton Homes, Inc. undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. |
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