PETER HALMOS GETS RULING TO PROCEED WITH COMPENSATORY AND PUNITIVE DAMAGE CLAIMS AGAINST DEFENDANT SAFECARD SERVICES, INC.
MIAMI, Dec. 3 /PRNewswire/ -- Peter Halmos announced today that the Florida State Circuit Court of Broward County, Fla., has denied motions to dismiss claims filed by defendant SafeCard and its Chief Operating Officer, defendant Gerald Cahill. The Florida State Court ruled that Halmos' Investment Partnership is entitled to proceed with each of the ten claims against defendant SafeCard including counts for fraud, conspiracy to defraud, and breach of contracts and obligations despite defendant SafeCard's attempts to have these claims dismissed. The court also denied defendant SafeCard's motion to dismiss or strike Halmos' punitive damage claims and ruled Halmos is entitled to proceed with each of its claims against defendant SafeCard. The Florida State Court also ruled that Halmos is entitled to proceed with each of the claims against defendant Cahill, SafeCard's Chief Operating Officer, including counts for fraud, conspiracy to defraud, and tortious interference despite defendant Cahill's attempt to have these claims dismissed. As previously reported, Halmos believes compensatory and punitive damage claims against defendant SafeCard are expected to total approximately $40 million. On Dec. 2, 1993, Peter Halmos filed an amended complaint in the Circuit Court of Cook County, Illinois against defendant SafeCard and a SafeCard Director, defendant William T. Bacon, Jr., seeking compensatory and punitive damages for defamation, false light, repudiation of defendant SafeCard's promises and obligations to Halmos, and for engaging in a pattern of corporate misconduct designed to deprive Halmos of pursuing his business interests. As previously reported, Halmos believes his claims in this litigation will exceed $100 million. Furthermore, Peter Halmos has filed litigation in New York State Supreme Court against defendant Dilenschneider Group and defendant Robert L. Dilenschneider, a SafeCard Director. Peter Halmos' claims against defendant Dilenschneider Group and defendant Robert L. Dilenschneider include fraud, breach of contract, breach of professional standards of conduct, breach of fiduciary duties, and unjust enrichment. Halmos believes these claims will be tens of millions of dollars. Litigation also has been brought by Peter Halmos against defendant Barry I. Tillis, SafeCard's general counsel and Halmos' personal lawyer for about 13 years in the Circuit Court of Dade County, Fla. According to Halmos, he founded SafeCard in 1969 with $500 and a typewriter. Under Halmos' leadership as SafeCard's Chief Executive Officer between 1969 and 1987, the value of SafeCard stock increased approximately 500 times, from $3 per share in 1971 to nearly $1,500 per share in 1987, adjusted for stock splits and dividends, when Halmos resigned as SafeCard's CEO. -0- 12/3/93 /CONTACT: Robert D. Siegfried of Kekst and Company, 212-593-2655/ (SSI)
CO: SafeCard Services ST: Florida IN: SU:
JG -- NY048 -- 0279 12/03/93 14:26 EST
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|Date:||Dec 3, 1993|
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