Printer Friendly

CREDIT LYONNAIS' CONTROL OF PATHE COMMUNICATIONS BOARD CONFIRMED

 CREDIT LYONNAIS' CONTROL OF PATHE COMMUNICATIONS BOARD CONFIRMED
 WILMINGTON, Del., Jan. 29 /PRNewswire/ -- Credit Lyonnais Bank Nederland, N.V. announced that the Delaware Chancery Court entered an order today which confirms the authority of the newly expanded Board of Directors of Pathe Communications Corporation to manage the affairs of PCC until trial of the bank's pending action to confirm the removal of Giancarlo Parretti and his associates as directors of the company.
 The bank exercised its voting rights over PCC's shares on Jan. 21, 1992 to expand the PCC board to 22 members and to appoint a majority of the new directors. This action, combined with the court order entered today, will result in Parretti and his associates being relegated to the position of minority directors.
 Said a bank spokesman, "We are pleased that the newly designated directors are now in a position to manage the affairs of PCC, and to take appropriate action to protect the interests of the company and its constituents. As we have said before, there are no longer any grounds for Parretti to remain in control of PCC even for the brief period until the Delaware Court rules on the validity of our removal of the incumbent Parretti directors."
 -0- 1/29/92
 /CONTACT: Fredric Spar or Mary T. Conway of Kekst and Company, 212-593-2655, for Credit Lyonnais Bank Nederland/ CO: Credit Lyonais Bank Nederland, N.V.; Pathe Communications Corp. ST: IN: FIN ENT SU: TNM


KD -- NY093 -- 4967 01/29/92 17:39 EST
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:Jan 29, 1992
Words:250
Previous Article:STANDARD & POOR'S STOCK PRICE INDEX -- CLOSING, WEDNESDAY, JAN. 29/PRN/
Next Article:SHELDAHL RECEIVES GOVERNOR'S AWARD FOR POLLUTION PREVENTION


Related Articles
PATHE INFORMS DELAWARE COURT OF POSSIBLE DEAL TO ELIMINATE CREDIT LYONNAIS DEBT
DELAWARE COURT RULING AWARDING CONTINUED CLBN CONTROL OF MGM-PATHE ALLOWS STUDIO TO CONTINUE WITH STATUS QUO
DELAWARE COURT AFFIRMS PARRETTI OUSTER FROM MGM
DELAWARE COURT AFFIRMS PARRETTI OUSTER FROM MGM
/repeating from yesterday/
CREDIT LYONNAIS EXPANDS BOARD OF DIRECTORS OF PATHE COMMUNICATIONS; NEW LAWSUIT FILED TO PREVENT PARRETTI'S FRAUDULENT TRANSFER OF PCC STOCK
PATHE COMMUNICATIONS DIRECTORS NAME CO-CHAIRMAN AND CO-CHIEF EXECUTIVE OFFICERS
PATHE COMMUNICATIONS DIRECTORS NAME CO-CHAIRMAN AND CO-CHIEF EXECUTIVE OFFICERS
DELAWARE COURT BLOCKS LATEST EFFORT OF PARRETTI TO INTERFERE IN MGM AND PCC
DELAWARE CHANCERY COURT ENTERS FINAL JUDGMENT ON REMOVAL OF PARRETTI DIRECTORS OF PCC

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