Well, I guess if I poke around enough I'll eventually find a way to answer my own question. Actually, post #180 discussed this. Here's the details of the agreement that was reached between Alanco and Harbinger. As you can see, this is old news...
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SCOTTSDALE, Ariz.--(BUSINESS WIRE)--Oct. 6, 1997--
New Management Structure and Joint Board Slate
Alanco Environmental Resources Corp. (NASDAQ:ALAN) and Harbinger Capital have reached a definitive agreement on a management structure and mutually satisfactory board slate for the upcoming Nov. 7, 1997 shareholders meeting.
The agreement averts any proxy battle between the two. In a joint statement, both parties expressed optimism that the agreed upon terms are in the best interests of all parties and that any concerns with management structure and shareholder protection and rights are fully resolved.
Under the terms of the agreement Dennis Schlegel will remain chairman of the board of directors, and Edward Maley, the current president of Alanco and head of the company's Fry Guy Inc. subsidiary, will assume the additional role of temporary chief executive officer.
The revised board of directors slate will include Schlegel, current board members Harold S. Carpenter and Maley, and two independent directors to be nominated by Harbinger. The finalization of the agreement is contingent only on the filing of an amended proxy by Alanco, and a review of the professional qualifications of the Harbinger nominees.
Antonio (Bobby) Cabral, general partner of Harbinger, stated, "I am pleased to have this misunderstanding with Alanco behind us. We are happy with the makeup of the proposed management and believe that the value and potential of Alanco's products and services are in capable hands.
"We are also pleased that we were able to resolve this in such a manner as to retain the services of all of the key personnel at Alanco, and that Mr. Schlegel will still have the opportunity to serve the company actively.
"It is our belief that this new structure will provide excellent checks and balances on all decision making within Alanco, and that we, as shareholders, may start to realize the value in the company."
Harbinger Capital is the beneficial owner of more than 21 percent of the outstanding shares of Alanco.
Schlegel commented, "It is important that Alanco and its management regain the support of all of its shareholders and we are pleased that a mutually satisfactory compromise has been reached with Harbinger. We continue to believe that the foundation has been built at Alanco for future growth and prosperity.
"With this announced settlement, our focus, and the focus in the marketplace, can now be solely on the substantial progress Alanco is making, as evidenced by last year's 87 percent growth in revenue. It is gratifying to have our largest shareholder behind our future efforts, and we look forward to working with the new additions to the board.
"In the interim, I have enormous confidence in Ed Maley and his ability to invigorate and guide the activities of Alanco while the board investigates a long-term plan for the CEO position." |
