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U-HAUL FILES ACTION AGAINST SHURGARD

 PHOENIX, Dec. 9 /PRNewswire/ -- Phoenix based U-Haul International, Inc. announced the commencement of an action in the Delaware Court of Chancery. The complaint names as defendants the general partners of 17 public limited partnerships sponsored by Shurgard Incorporated, and 15 of those limited partnerships designated as Shurgard 3 through Shurgard 18.
 The complaint alleges that the general partners of the partnerships have improperly adopted amendments to the partnership agreements governing Shurgard 3 through Shurgard 18 without the approval of limited partners in order to improperly alter the process by which limited partners of Shurgard 3 through Shurgard 18 may take action by written consent. The complaint also alleges that the general partners have breached fiduciary duties owed by them to limited partners by adopting and failing to rescind these amendments and by acting in a manner that benefits the general partners at the expense of the limited partners. The complaint seeks, among other things, declaratory and injunctive relief.
 According to U-Haul International Executive Vice President, Harry DeShong, "U-Haul has sent a letter to a general partner of the partnerships expressing a desire to work together to achieve a transaction that would provide greater value to the limited partners than the proposed roll-up transaction."
 -0- 12/9/93
 /CONTACT: Janet Cooper, media and public relations manager of U-Haul, 602-263-6108, or Joele Frank of Ogilvy Adams & Rinehart, 212-880-5265/


CO: U-Haul International, Inc.; Shurgard Incorporated ST: Arizona IN: TRN SU:

MP -- NY049 -- 2224 12/09/93 12:48 EST
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Publication:PR Newswire
Date:Dec 9, 1993
Words:246
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