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THE KEITH GROUP FILES $20 MILLION ACTION AGAINST THE BANK OF TOKYO TRUST COMPANY

 THE KEITH GROUP FILES $20 MILLION ACTION
 AGAINST THE BANK OF TOKYO TRUST COMPANY
 FORT LAUDERDALE, Fla., March 9 /PRNewswire/ -- The Keith Group of Companies, Inc. (NASDAQ: HKME) today announced the filing of a $20 million counterclaim against The Bank of Tokyo Trust Company. The board of directors of the company, after consulting with its legal representatives, decided to institute an action based on a breach of contract and other damages related to a loan made by the Bank of Tokyo to the Victoria Estates manufactured home community located in Port Charlotte, Fla. The company has retained the services of the law firm of Greenberg & Traurig to represent its interests in this action.
 The Keith Group alleges in the action that the Bank of Tokyo breached the loan documents by among other things: (a) failing to fund certain interest payments from an interest reserve, but instead depleted an account created to make those interest payments; (b) failing and refusing to charge interest at a rate provided in the loan documents; (C) failing to provide the borrower with certain releases, and (d) failing to pay real property taxes from loan advances.
 "The filing of this action is the result of many months of collecting information in how the Bank of Tokyo handled our account along with the status of our negotiations to amicably resolve our differences with the bank," said Hugh Keith, chairman and chief executive officer of the company.
 -0- 3/9/92
 /CONTACT: Hugh Keith, president and CEO of The Keith Group of Companies, Inc., 305-458-5282/
 (HKME) CO: The Keith Group of Companies, Inc. ST: Florida IN: CST SU:


SS -- FL001 -- 6257 03/09/92 09:32 EST
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Publication:PR Newswire
Date:Mar 9, 1992
Words:279
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