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ACTION BROUGHT AGAINST McM CORPORATION AND ITS PRESIDENT/CEO

 ACTION BROUGHT AGAINST McM CORPORATION AND ITS PRESIDENT/CEO
 RALEIGH, N.C., July 15 /PRNewswire/ -- McM Corporation (NASDAQ; MCMC), a Raleigh based insurance holding company, today announced that an action has been brought against McM and its President/Chief Executive Officer, George E. King, in the United States District Court for the Eastern District of North Carolina by Pennsylvania Life Insurance Company, a foreign insurance company, in connection with the sale by McM of two North Carolina domestic life insurance companies. In October 1991, McM sold Occidental Life Insurance Company of North Carolina and Peninsular Life Insurance Company to Pennsylvania Life. The new controlling executives of Occidental Life and Peninsular Life are William M. McCormick, David J. Stone and Steven W. Fickes.
 In its action, Pennsylvania Life alleges that McM and Mr. King breached certain provisions of the Stock Purchase Agreement and violated federal and state laws by failing to disclose information concerning Occidental Life and Peninsular Life. Pennsylvania Life is seeking damages "in excess of several million dollars."
 McM and Mr. King reject such allegations as groundless and intend to vigorously defend the lawsuit. Legal counsel has been retained and has begun its investigation of the allegations.
 -0- 7/15/92
 /CONTACT: George E. King, President and CEO, McM Corporation, 919-833-1600/
 (MCMC) CO: McM Corporation; Pennsylvania Life Insurance Company ST: North Carolina; Pennsylvania IN: INS SU:


DF -- CH013 -- 9751 07/15/92 17:15 EDT
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Publication:PR Newswire
Date:Jul 15, 1992
Words:236
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