Printer Friendly

TODD SHIPYARDS RESOLVES PROXY CONTEST

 TODD SHIPYARDS RESOLVES PROXY CONTEST
 SEATTLE, Wash., Aug. 21 /PRNewswire/ -- Todd Shipyards Corporation


(NYSE: TOD) and the Todd Shipyards Stockholder Protection Committee announced that they had entered into a settlement agreement resolving the proxy contest which was pending for the election of nominees to the board of directors of Todd Shipyards and related litigation.
 Pursuant to the settlement agreement, and subject to the conditions contained in the agreement, the present board of directors will nominate and recommend approval of a slate of directors consisting of ten individuals, five of whom will be nominees selected by the present directors and Burton Borman, chairman of the board and CEO of Todd Shipyards Corporation, and five of whom will be chosen by the committee. The annual meeting will now be held Oct. 1, 1992. The settlement agreement also provides that Burton Borman will remain as chairman of the board and chief executive officer of Todd Shipyards and that Borman's employment agreement will be replaced with a new agreement which eliminates certain provisions providing for post-termination employment benefits.
 Burton Borman, on behalf of Todd Shipyards Corporation, stated, "The settlement agreement is in the best interests of the company, its shareholders and its employees at this time. I look forward to working with the new members of the board of directors and continuing the progress we made this year." On behalf of the stockholder protection committee, Allan Mactier stated, "I am gratified that we have been able to resolve certain differences between the management of the company and some of its significant shareholders."
 Stephen Silverman, executive vice president and general counsel will return to private law practice immediately following the annual meeting; he will continue to serve as a consultant to the company.
 Todd Shipyards Corporation stated that it will file a current report on Form 8-K with the Securities and Exchange Commission, which will include the entire text of the settlement agreement. Also, as a result of the settlement agreement, the claims and counterclaims contained in a pending lawsuit in the United States District Court concerning the proxy-contest will be dismissed by the respective parties.
 -0- 8/21/92
 /CONTACT: Brent Baird for Todd Shipyards Stockholder Protection Committee, 716-849-1484, or Joele Frank of Ogilvy Adams & Rinehart, 212-557-0100, for Todd Shipyards/
 (TOD) CO: Todd Shipyards Corporation ST: Washington IN: MAR SU:


PS -- NY061 -- 2281 08/21/92 16:45 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Aug 21, 1992
Words:395
Previous Article:CONNECTICUT $357.5 MILLION TRANSPORTATION BONDS RATED 'AA-' BY FITCH -- FITCH FINANCIAL WIRE --
Next Article:FLORIDA REGIONAL STOCK REPORT FOR FRIDAY, AUG. 21
Topics:

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