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PLM INTERNATIONAL INC. SPURNS COMMITTEE'S EFFORTS

 MOUNT KISCO, N.Y., May 17 /PRNewswire/ -- At its 1993 annual shareholders' meeting (meeting), PLM International Inc. (PLMI) rejected the efforts of the Official Unsecured Bondholders Committee (bondholders committee) in the Chapter 11 bankruptcy of Transcisco Industries Inc. (Transcisco) to nominate Tom Revy of Froley, Revy Investment Co. Inc. for one of two vacancies on PLMI's board of directors. Two days before the meeting, the bankruptcy court authorized Transcisco to grant a proxy to the bondholders committee to vote the 32 percent interest in PLMI held by Transcisco.
 Norman Wechsler, co-chairman of the bondholders committee, said, "It's outrageous that Alec Merriam, the chairman of the board of PLMI, would deny the bondholders committee an opportunity to allow a candidate other than a `management-related' candidate to run for the board." Merriam cited a bylaw provision which the bondholders committee had no opportunity to comply with since the bankruptcy court only ordered the proxy be granted to the bondholders committee two days prior to the meeting. PLMI fought the grant of the proxy in bankruptcy court arguing the PLMI management already had enough proxies to assure the election of PLMI's choice for a director. Wechsler further said, "Mr. Merriam's actions make me wonder if entrenched management perhaps were not as confident in their belief that PLMI's candidate would be elected, contrary to what PLMI represented in bankruptcy court. There was certainly an outpouring of disapproval for management's performance from the shareholders at the meeting."
 The bondholders committee also requested that PLMI call a special meeting of shareholders so that the remaining vacancy could be filled by the shareholders. Merriam declined. Wechsler said, "This action is hardly surprising in light of PLMI's consistent efforts to shield itself from accountability to shareholders, the ultimate owners of PLMI, through a bewildering array of limitations on the rights of PLMI's shareholders."
 -0- 5/17/93
 /CONTACT: Norman Wechsler, co-chairman of the bondholders committee for Transcisco Industries Inc., 914-242-6040/


CO: Transcisco Industries Inc.; PLM International Inc. ST: New York IN: SU: PER

MS-JB -- LA018 -- 9175 05/17/93 11:47 EDT
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Publication:PR Newswire
Date:May 17, 1993
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