CONSOLIDATED AMERICAN INDUSTRIES, INC. PREVAILS
CONSOLIDATED AMERICAN INDUSTRIES, INC. PREVAILS TAMPA, Fla., Nov. 8 /PRNewswire/ -- It was announced today that
Charles E. Grim, president of American Bank Securities, Inc. has surrendered to Consolidated American Industries, Inc. (NASDAQ: COAM), 700,000 shares of that company's common stock. The surrender of the stock effectuated a final settlement between CoAm and American Bank Securities, Inc., in CoAm's $30 million federal fraud action against Industrial Investments, Inc. f/k/a Multi-Press, Incorporated; American Bank Securities, Inc.; and Huntington National Bank. CoAm management believes the settlement, and American Bank Securities, Inc. pledge of assistance, will substantially benefit CoAm's continued prosecution of Huntington National Bank in the federal fraud action.
-0- 11/7/91 /CONTACT: Stephen Springer of Consolidated American Industries, Inc., 614-228-8120/ (COAM) CO: Consolidated American Industries, Inc. ST: Florida IN: FIN SU: LC -- CL002 -- 2445 11/08/91 07:31 EST
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|Date:||Nov 8, 1991|
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