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GREAT LAKES BANCORP FILES LAWSUIT AGAINST SHAREHOLDER GROUP

 GREAT LAKES BANCORP FILES LAWSUIT AGAINST SHAREHOLDER GROUP
 ANN ARBOR, Mich., March 19 /PRNewswire/ -- The Great Lakes Shareholders' Committee announced today that Great Lakes Bancorp (NASDAQ: GLBC) has filed suit against members of the committee and other shareholders, alleging that the certain securities filings made by the shareholders violate applicable regulations. The suit seeks to enjoin future inaccuracies in the filings should the court conclude that Great Lakes' claims are valid. Daniel Gilbert, a committee member, said, "In my opinion, the suit is groundless and merely an attempt to delay our activities. I am extremely disappointed that Great Lakes management seeks to stop communication by our committee with the bank's shareholders. However, this action will not stop our efforts."
 The lawsuit has filed late Tuesday in Federal District Court for the Eastern District of Michigan, and follows by five days a lawsuit filed by the committee against the bank seeking disclosure of shareholder information and additional information from the bank's books and records. The bank has since provided some of the information requested. A hearing on the remaining issues in that litigation is expected at 11 a.m. on Thursday, March 26, before Judge John Feikens.
 The committee announced last month in a filing with the Office of Thrift Services (OTS) that it intends to solicit proxies in opposition to management for four seats on the Great Lakes board of directors at the annual meeting scheduled for April 22, 1992 and to support a shareholder proposal seeking to form a committee to evaluate whether Great Lakes should be put up for sale.
 The committee members are not presently soliciting proxies but intend to distribute a formal written proxy statement to Great Lakes shareholders at the earliest practicable date.
 Members of the committee include: Daniel Gilbert, president of Rock Financial Corporation, owner of 64,762 shares of Great Lakes' common stock; Marc Eller, secretary/treasurer of B.E.G. Enterprises, Inc., owner of 48,040 shares of common stock; Ronald Berman, president of B.E.G. Enterprises, Inc., president of Century 21 Northwestern and a practicing attorney, owner of 39,412 shares of common stock; John Berman, president of Lasky Furniture, owner of 14,237 shares of common stock; Rock Financial Corporation, a Michigan corporation in the business of mortgage banking, owner of 79,428 shares of common stock; Regency Advantage Limited Partnership, a Michigan limited partnership in the business of commercial real estate, owner of 1,905 shares of common stock; and Texas Recovery I Limited Partnership, a Michigan limited partnership, in the business of investments, owner of 10,612 shares of common stock. W.Y. Campbell, an investment banking firm, will also participate in the solicitation. B.E.G. Enterprises, Inc., is not a committee member.
 The principal business addresses of the above entities are as follows: Rock Financial Corporation, 30850 Telegraph Road, Suite 100, Birmingham, Mich 48010; B.E.G. Enterprises, Inc., 28800 Orchard Lake Road, Suite 140, Farmington Hills, MI 48334; Century 21 Northwestern, 6024 West Maple, Suite 104, Farmington Hills, MI 48322; Ronald J. Berman, attorney, 6950 Brookshire, West Bloomfield, MI 48322; Lasky Furniture, 13300 Joseph Campeau, Detroit, MI 48212; Texas Recovery I Limited Partnership, 28800 Orchard Lake Road, Suite 140, Farmington Hills, MI 48334; Regency Advantage Limited Partnership, 28800 Orchard Lake Road, Suite 140, Farmington Hills, MI 48334.
 -0- 3/19/92
 /CONTACT: Stanley J. Kay or Daniel H. Burch of MacKenzie Partners, 212-929-5500, for Great Lakes Shareholders' Committee/
 (GLBC) CO: The Great Lakes Shareholders' Committee; Great Lakes Bancorp ST: Michigan IN: FIN SU:


GK-SB -- NY069 -- 9767 03/19/92 14:48 EST
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Publication:PR Newswire
Date:Mar 19, 1992
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