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WILSON-DAVIS TO CONTINUE CONSENT SOLICITATION OF NENDELS SHAREHOLDERS

WILSON-DAVIS TO CONTINUE CONSENT SOLICITATION OF NENDELS SHAREHOLDERS
 SALT LAKE CITY, June 9 /PRNewswire/ -- Wilson-Davis & Co. announced today that it is continuing with its efforts to solicit written consents from the Nendels Corp. shareholders in support of the efforts of John Rothman to expand the Nendels board of directors and create a forum for diligent and independent evaluation of major proposals to expand the Nendels franchise system. This includes a proposal from Park Inns, a domestic and international hotel company based in San Francisco, to combine the operations of its United States properties with those of the Nendels system located principally in the western United States. Park Inns' operations currently include approximately 65 hotels located in 28 states, with major concentrations in the Midwest and southeast regions of the United States. It also has approximately 53 hotels under franchise or management in 12 foreign countries.
 This announcement follows threats by the Kearns group of incumbent directors to file lawsuits against Wilson-Davis in federal and state court and to turn over various matters to the SEC and the NASD for inquiry. Wilson-Davis has responded to the Kearns group, refuting each claim alleged to support its threatened litigation, and will cooperate with the regulatory review of its role in these matters, if any.
 A Wilson-Davis spokesman said, "Charges and threats of the kind made by the Kearns group are, unfortunately, standard fare of entrenched management in proxy contests. We will defend our actions and the validity of the consents that we have solicited on behalf of the Rothman group, and we are confident as to the outcome." The spokesman added, "Our goal in agreeing to act as soliciting agent for the Rothman group is to protect the interest of all of the Nendels shareholders."
 The consent solicitation is a contest between the Rothman and Kearns shareholder groups. The Kearns group is precluded from causing the Nendels board to take corporate action without authority of the full board under the terms of a temporary restraining order that the U.S. District Court in Oregon imposed on the Kearns directors on May 13, 1992.
 Wilson-Davis has disclosed its role as soliciting agent in a Schedule 14B and the formal consent solicitation materials filed with the SEC and distributed to shareholders. The Kearns group has not completed the required SEC filings to permit it to solicit shareholders in opposition of the consent statement.
 Wilson-Davis, a Salt Lake City securities broker/dealer, was the underwriter for Nendels' initial public offering that was completed in May 1991.
 -0- 6/9/92
 /CONTACT: Sam Wilson of Wilson-Davis & Co., 801-532-1313/ CO: Wilson-Davis & Co. ST: Utah IN: LEI SU:


BB-MC -- DV010 -- 8593 06/09/92 18:08 EDT
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Publication:PR Newswire
Date:Jun 9, 1992
Words:448
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