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JP SHAREHOLDERS GROUP BELIEVES RATIFICATION PROPOSAL REJECTED, VOWS TO CONTINUE TO FIGHT FOR CHANGE

 JP SHAREHOLDERS GROUP BELIEVES RATIFICATION PROPOSAL
 REJECTED, VOWS TO CONTINUE TO FIGHT FOR CHANGE
 CHARLOTTE, N.C., Aug. 14 /PRNewswire/ -- Contrary to public statements by Jefferson-Pilot Corporation (NYSE: JP), JP shareholders in May rejected, by a margin of 52.1 percent to 47.9 percent, JP's request to ratify a 1990 stock plan amendment, the JP Shareholders Committee (JPSC) stated Friday (8/14). The plan resulted in more than $14 million in "illegal" stock awards to JP officers and directors.
 Louise Parsons, JPSC chairman, explained, "Under North Carolina law, officers and directors who have a personal interest in the outcome of a vote are not allowed to vote their shares on that transaction. After subtracting the approximately 2.3 million JP shares owned by officers and directors who stood to profit financially from the ratification vote, only 47.9 percent of the JP shares entitled to be counted at the 1992 annual meeting actually voted in favor of the proposal."(A)
 On April 10, Federal Chief Judge Richard Erwin ruled that JP had used a materially false and misleading proxy statement to obtain shareholder approval of the 1990 stock plan amendment. As a result, Chief Judge Erwin rescinded the amendment and declared the stock grants "null and void."
 JPSC member Donald Parsons said, "Fighting for the return of the illegally granted stock is just one of the substantial claims that we are continuing to bring in court against existing JP officers and directors. We will not rest until our legal issues with JP are completely resolved, especially the fraudulent stock grants, including 150,000 shares to JP CEO Roger Soles presently worth over $6 million."
 Currently four lawsuits are pending between JP and various JPSC members.(A) Donald Parsons noted, "A clear pattern has emerged: we sue, JP calls our claims irresponsible, we win, JP appeals. We hope that the new CEO David Stonecipher and Vice Chairman C.D. Spangler will stop the needless delays and expense that ultimately will be borne by JP shareholders. We have always been open to a cooperative dialogue. Perhaps with Mr. Soles gone, there is now a chance."
 -0- 8/14/92
 (A) Details on these and other matters are available from: Buck Lawrimore, Lawrimore Communications, 704-525-4775; David Sternstein, Howard J. Rubenstein & Associates, 212-489-6900.
 /CONTACT: Buck Lawrimore of Lawrimore Communications, 704-525-4775, or David Sternstein of Howard J. Rubenstein & Associates, 212-489-6900, both for the JP Shareholders Committee/
 (JP) CO: JP Shareholders Committee; Jefferson-Pilot Corporation ST: North Carolina IN: TLS INS SU:


CM -- CH008 -- 0095 08/14/92 14:32 EDT
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Publication:PR Newswire
Date:Aug 14, 1992
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