Printer Friendly

PETER HALMOS ISSUES STATEMENT REGARDING EARLIER PRESS RELEASE

 MIAMI, Dec. 3 /PRNewswire/ -- In response to inquiries, Peter Halmos, founder and former chairman of SafeCard Services Inc. (NYSE: SSI), stated that the facts and information in his earlier press release of today are accurate with respect to the claims he has brought against SafeCard and certain of its directors in four cases now under way in the courts in Florida, Illinois and New York. These claims are the consequences of conduct by SafeCard and its directors.
 Halmos, furthermore, stated that the characterizations used by SafeCard in its press release today regarding his business integrity and motives are malicious, false, defamatory and beyond that not worthy of comment.
 As stated in his earlier press release of Dec. 3, Halmos reaffirmed that the Florida State Court has denied motions to dismiss claims filed by defendant SafeCard and its chief operating officer, defendant Gerald Cahill. The Florida State Court ruled that Halmos' Investment Partnership is entitled to proceed with each of the 10 claims against defendant SafeCard including counts for fraud, conspiracy to defraud, and breech of contracts and obligations despite defendant SafeCard's attempts to have these claims dismissed. The court also denied defendant SafeCard's motion to dismiss or strike Halmos' punitive damage claims and ruled Halmos is entitled to proceed with each of its claims against defendant SafeCard.
 The Florida State Court also ruled that Halmos is entitled to proceed with each of the claims against defendant Cahill, SafeCard's chief operating officer, including counts for fraud, conspiracy to defraud, and tortious interference despite defendant Cahill's attempt to have these claims dismissed.
 As previously reported, Halmos believes compensatory and punitive damage claims against defendant SafeCard are expected to total approximately $40 million.
 On Dec. 2, 1993, Halmos filed an amended complaint in the Circuit Court of Cook County, Ill., against defendant SafeCard and a SafeCard director, defendant William T. Bacon Jr., seeking compensatory and punitive damages for defamation, false light, repudiation of defendant SafeCard's promises and obligations to Halmos, and for engaging in a pattern of corporate misconduct designed to deprive Halmos of pursuing his business interests. As previously reported, Halmos believes his claims in this litigation will exceed $100 million.
 Furthermore, Halmos has filed litigation in New York State Supreme Court against defendant Dilenschneider Group and defendant Robert L. Dilenschneider, a SafeCard director. Halmos' claims against defendant Dilenschneider Group and defendant Robert L. Dilenschneider include fraud, breach of contract, breach of professional standards of conduct, breach of fiduciary duties, and unjust enrichment. Halmos believes these claims will be tens of millions of dollars.
 Litigation also has been brought by Halmos against defendant Barry I. Tillis, SafeCard's general counsel and Halmos' personal lawyer for about 13 years in the Circuit Court of Dade County, Fla.
 According to Halmos, he founded SafeCard in 1969 with $500 and a typewriter. Under Halmos' leadership as SafeCard's chief executive officer between 1969 and 1987, the value of SafeCard stock increased approximately 500 times, from $3 per share in 1971 to nearly $1,500 per share in 1987, adjusted for stock splits and dividends, when Halmos resigned as SafeCard's CEO.
 -0- 12/3/93
 /CONTACT: Robert D. Siegfried of Kekst and Company, 212-593-2655/
 (SSI)


CO: SafeCard Services Inc. ST: Florida, Illinois, New York IN: FIN SU:

CK-LD -- NY088 -- 0469 12/03/93 20:20 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Dec 3, 1993
Words:548
Previous Article:LOCAL PROFESSOR FIRST TO RECEIVE INTERNATIONALLY MANAGED CARE THROUGH HEALTHPARTNERS WORLDWIDE
Next Article:QUAKER STATE DESCRIBES EPA LEGAL ACTION AS IRRESPONSIBLE AND UNREASONABLE; PUBLIC DRINKING WATER SAFE

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters