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PLM INTERNATIONAL SETTLES ACTION BY ITS FORMER CHAIRMAN

Repeating from 4/27.
 PLM INTERNATIONAL SETTLES ACTION BY ITS FORMER CHAIRMAN
 SAN FRANCISCO, April 27 /PRNewswire/ -- PLM International Inc. (AMEX: PLM) and its former chairman, S.A. Megeath, III today announced that an agreement has been entered to settle all claims relating to pending litigation initiated by Megeath and LEF&C Partners, a partnership of which Megeath is the managing general partner, as plaintiffs in a complaint filed in the Superior Court of the State of California for the County of San Francisco on March 26, 1991, against the company, its directors and certain of the company's subsidiaries and managed investment programs, the company's cross-complaint against plaintiffs, and plaintiffs' cross-complaint against the company. In connection with the settlement, the company will make a payment to Megeath and LEF&C Partners which will result in the company taking a charge to pre-tax income in the first quarter of 1992 in the amount of $3.75 million. The company's insurers have provided additional funds for purposes of the settlement.
 J. Alec Merriam, the company's chairmen, cited PLM International's misunderstanding of the basis of Megeath's earlier resignation as a director of the company, adding that the litigation had resulted from serious misunderstandings dating from 1990, which misunderstandings have now been resolved. Merriam added that the company's board recognized that Megeath made significant contributions to the company during his tenure as chairman of the company's board of directors and that Megeath has maintained the highest of fiduciary and professional standards.
 Megeath stated that he and his representatives have had extensive discussions with members of the company's board of directors, its senior management and auditors over a four month period, and that, based on such meetings, his and LEF&C's concerns regarding certain public policy issues existing from the time of Megeath's departure from the company in September 1990 have been resolved. Megeath added that, based on the foregoing, he has been satisfied that the company is committed to meeting its fiduciary obligations to shareholders and the investors of its managed programs.
 PLM International is a transportation equipment leasing company specializing in the management of equipment on operating leases. The company is also the leading sponsor of syndicated investment programs organized to invest primarily in transportation equipment.
 -0- 4/27/92 R
 /CONTACT: R. Randall Huff of Gibson, Dunn & Crutcher, 213-229-7232, for S.A. Megeath and LEF&C Partners; or Valerie Carattini-Cooke of PLM International, 415-905-7227/
 (PLM) CO: PLM International; LEF&C Partners ST: California IN: TRN SU:


MM-DG -- SF020 -- 3663 04/28/92 10:18 EDT
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Publication:PR Newswire
Date:Apr 28, 1992
Words:423
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