EQUITEC FILES COMPLAINT AGAINST PACIFICORP
EQUITEC FILES COMPLAINT AGAINST PACIFICORP OAKLAND, Calif., Aug. 28 /PRNewswire/ -- Equitec Financial Group Inc.
(Equitec) (NYSE: EFG) announced today that it has filed a complaint in the Superior Court of the State of California for Alameda County against PacifiCorp (NYSE: PPW), an Oregon-based public utility, and several of its subsidiaries and their officers and directors.
The complaint seeks damages in excess of $60 million that Equitec claims it suffered as a result of mismanagement and breach of fiduciary duty by certain PacifiCorp officers and directors, several of whom jointly served as officers and/or directors of Equitec. PacifiCorp controlled the management of Equitec during 1988 and 1989 and continues to be Equitec's principal shareholder. Equitec filed for protection under Chapter 11 of the Bankruptcy Code in August 1990. Equitec is in the process of finalizing a plan of reorganization which will be presented to the Bankruptcy Court in the Northern District of California shortly. Copies of the verified complaint filed by Equitec are available on request. Inquiries should be directed to Equitec's attorneys, Mary Jo Shartsis, Shartsis, Friese & Ginsburg, One Maritime Plaza, 18th Floor, San Francisco, CA 94111, telephone 415-421-6500. -0- 8/28/92 /CONTACT: Mary Jo Shartsis of Shartsis, Friese & Ginsburg, 415-421-6500/ (EFG PPW) CO: Equitec; PacifiCorp ST: California IN: FIN SU:
SJ-RM -- SF003 -- 4316 08/28/92 11:01 EDT
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|Date:||Aug 28, 1992|
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