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JP DIRECTORS NAMED DEFENDANTS IN PROXY FRAUD LAWSUIT

 JP DIRECTORS NAMED DEFENDANTS IN PROXY FRAUD LAWSUIT
 GREENSBORO, N.C., Dec. 10 /PRNewswire/ -- A Jefferson-Pilot


Corporation (NYSE: JP) shareholder has named 19 JP directors individually as defendants in a proxy fraud lawsuit. Louise Price Parsons has also sought an injunction prohibiting them and several JP officers from selling or voting certain shares of JP stock, which she alleges were fraudulently received, until the lawsuit is resolved.
 In papers filed Monday afternoon (12/9) in Greensboro, N.C., Federal District Court, Parsons expanded the previously-filed lawsuit to include individual directors as defendants "to ensure that if we prevail, JP will be able to get back the illegally granted stock and thus preserve shareholder value," she explained.
 Parsons, of Pawleys Island, S.C., is chairman of the JP Shareholders Committee (JPSC). She began the proxy fraud lawsuit in July, naming only JP as a defendant. She alleges that JP management "lied to shareholders" in their 1990 proxy statement when seeking shareholder approval of a proposed amendment to JP's stock option plan.
 JP told shareholders that the amendment would permit only grants of restricted stock to key employees. But unrestricted stock grants were actually made. "Unrestricted stock is just like money," Parsons explained. "Restricted stock is subject to substantial risk of forfeiture, usually dependent upon performance over a period of several years." JP has since admitted that the 1990 and 1991 proxy statements were "incorrect," she noted.
 JP CEO Roger Soles was given 100,000 shares, now worth about $5.5 million, under the plan. Other directors except Joseph Bryan and Louis Stephens received smaller "pay-off" grants, Parsons said. Stephens was included as a defendant because he was elected by way of a fraudulent proxy statement, she added.
 Parsons has asked the court to issue a preliminary injunction prohibiting JP from giving out any more stock under the amended plan, and preventing any JP officer or director who received stock under the plan from selling or voting that stock until the lawsuit is resolved.
 In a separate court action last week, Parsons also successfully petitioned the N.C. Court of Appeals for an expedited review of an appeal by JP management. Parsons had earlier asked JP to join her in seeking an expedited review "to get this issue resolved promptly, once and for all." After JP refused to join her in seeking faster action, Parsons filed her motion with the Court of Appeals Dec. 3. It was granted the following day. Parsons commented, "We are extremely pleased with the prompt action we have received from the Court."
 JP's appeal seeks to overturn an earlier court order overwhelmingly confirming Parsons' right to examine certain JP records. The court also dismissed JP's request for unspecified sanctions against Parsons. Although JP did turn over some of the records Parsons sought, it has continued to withhold information concerning management "perks" such as use of JP's airplane, charitable contributions, country club memberships and other details.
 "JP has consistently refused my attempts to get at the truth," Parsons stated. "They are using the company's assets to stop me from proving my belief that JP has been mismanaged. I want to know what they are trying to hide. As far as their appeal is concerned, we need it resolved promptly so shareholders can have the facts before the May 1992 Annual Meeting."
 Also serving with Parsons on the JP Shareholders Committee are vice chairman Craig Redwine, Donald H. Parsons, and Resources Planning Corporation, a management consulting firm with offices in Charlotte, Pawleys Island, West Palm Beach, and Birmingham, Mich.
 Editors: Additional details follow, conforming to SEC regulations:
 INFORMATION CONCERNING THE JEFFERSON-PILOT SHAREHOLDERS COMMITTEE
 As required by the Securities and Exchange Commission (SEC), listed below are the names, principal occupations or employment, and business addresses of each member of The Jefferson-Pilot Shareholders Committee. Also provided is the name and description of the principal business of any corporation or other organization at which such employment occurs. The number of shares of common stock of Jefferson-Pilot Corporation (JP) beneficially owned (that is, owned directly or indirectly) by each committee member is also noted.
 LOUISE PRICE PARSONS is Chairman of Litchfield Plantation Company, a real estate development company at P.O. Box 290, Pawley's Island, S.C., 29585. Mrs. Parsons beneficially owns 300,000 shares of JP common stock and disclaims beneficial ownership of any JP common stock beneficially owned, or deemed to be beneficially owned, by Mr. Parsons or Resources Planning Corporation (RPC).
 RESOURCES PLANNING CORPORATION is a management consulting firm with principal office at P.O. Box 290, Pawley's Island, S.C., 29585. RPC beneficially owns, or is deemed to beneficially own, 341,600 shares of JP common stock. RPC disclaims beneficial ownership of any JP common stock beneficially owned by Mrs. Parsons.
 J. CRAIGHILL REDWINE is Vice Chairman and Director of RPC, a management consulting firm, at RPC's office at 112 S. Tryon St., Charlotte N.C. 28284. In connection with his employment by RPC, Mr. Redwine was granted an option to purchase 15,000 shares of JP's common stock owned by RPC. One-third of the option is currently exercisable, with an additional one third vesting on April 15, 1992, and one third on May 31, 1993, assuming satisfactory performance. Upon the occurrence of certain conditions, the vesting of the option may accelerate. Mr. Redwine disclaims beneficial ownership of any JP common stock beneficially owned, or deemed to be beneficially owned, by RPC other than these 15,000 shares.
 DONALD H. PARSONS is Chairman, President and Director of RPC at P.O. Box 290, Pawley's Island, S.C., 29585. Mr. Parsons disclaims beneficial ownership of any JP common stock, including any beneficially owned, or deemed to be beneficially owned, by Mrs. Parsons or RPC.
 -0- 12/10/91
 /CONTACT: Louise Price Parsons, 803-237-4286, or Craig Redwine, 704-376-3519/
 (JP) CO: Jefferson-Pilot Corporation ST: North Carolina IN: FIN SU:


DF -- CH011 -- 1178 12/10/91 16:08 EST
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Date:Dec 10, 1991
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