AMERICAN SAVINGS BRINGS SUIT AGAINST FORMER OFFICERS, DIRECTORS AND OTHERS
AMERICAN SAVINGS BRINGS SUIT AGAINST FORMER OFFICERS,
DIRECTORS AND OTHERS
MIAMI, Nov. 4 /PRNewswire/ -- American Savings of Florida, F.S.B. (NASDAQ: ASLA) today reported that it had filed a complaint in circuit court in Miami (Dade County), Florida with respect to, among other things, certain inter-company transactions between American Savings and its parent company, The Enstar Group, Inc. ("Enstar") formerly known as Kinder-Care Inc. ("Kinder-Care"). The complaint alleges that these inter-company transactions benefited Enstar to the substantial detriment of American Savings.
Named as defendants in the suit are Harris C. Friedman, former chairman of the board, president and chief executive officer of American Savings; Richard J. Grassgreen, a former director of American Savings and former president and chief executive officer of Enstar and former president and chief operating officer of Kinder-Care; Perry Mendel, former chairman of the board and chief executive officer of Kinder-Care; former legal counsel to American Savings, Kirkpatrick & Lockhart; and Alan J. Berkeley, Esq., a senior partner of that firm. Enstar, which is not a party to the suit, filed for Chapter 11 bankruptcy protection on May 31, 1991.
The suit (11th Judicial Circuit Case No. 91-50064) alleges breach of fiduciary duty, fraud, aiding and abetting, conspiracy and negligence and seeks unspecified compensatory and punitive damages against all defendants and restitution respecting attorneys' fees paid to Kirkpatrick & Lockhart, plus interest, costs and any other damages recoverable by law. A trial by jury has been demanded.
American Savings is represented in the suit by Anderson, Moss, Parks, Meyers & Sherouse and the firm of Hicks, Anderson & Blum. Both firms are located in Miami.
/CONTACT: Alan B. Goldstein, executive vice president and general counsel of American Savings of Florida, F.S.B. 305-770-2093/
(ASLA) CO: American Savings of Florida, F.S.B.; The Enstar Group, Inc.;
Kinder-Care Inc. ST: Florida IN: FIN SU: JJ-SS -- FL010 -- 0898 11/04/91 16:34 EST