The Committee's real bs
BW2564 JUN 25,2002 9:03 PACIFIC 12:03 EASTERN
( BW)(OH-COMM-OF-CONC-EUROPA) Statement Of the Committee of Concerned Europa Stockholders
Business Editors
ROCKY RIVER, Ohio--(BUSINESS WIRE)--June 25, 2002--The Committee Of Concerned Europa Stockholders disbanded its efforts to seat Jim Rafferty as a Board member.
Even though the committee raised nearly 16,000,000 votes, it fell short of the 17,224,000 needed to seat Mr. Rafferty. The Committee will not mount an effort to convert its consent solicitation to a proxy battle for control of the entire board.
The Committee is disappointed that the Rafferty proposal, that was and still is in the better interest of the shareholders, will not be heard. The proposal providing for the company to own and operate a casino itself, rather than though a bigger joint venture project proposed by current management, was well received by the hundreds of shareholders who reviewed the Committee's communications. Rafferty has stated his project is only specific to this land in the State of Mississippi not to any individual on the Board or management group.
John Duber and Jim Illius will rededicate themselves to the development of the Diamondhead property and hope the rest of the Board can work together to find other proposals that had the promise of the Rafferty proposal.
Duber and Illius believe that the Board's ability to reconcile after fighting over competing failed consents is critical to the future of the company. And it is their hope that the current board can find ways to increase shareholder value. Duber and Illius want to put the past differences of the Board behind them and to work diligently for the shareholders.
--30--jtp/ny*
CONTACT: Owen Blicksilver Public Relations
Owen Blicksilver, 516/742-5950
KEYWORD: OHIO
INDUSTRY KEYWORD: GAMING
SOURCE: The Committee Of Concerned Europa Stockholders |
