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Non-Tech : Pimco Advisors (PA) -- Ignore unavailable to you. Want to Upgrade?

To: bob jaremsek who wrote (30)	11/11/1997 7:44:00 PM
From: bob jaremsek	Read Replies (1) \| Respond to of 37

Oppenheimer Capital and PIMCO Advisors Report Claims Are Without Merit And Intend to Contest Them Vigorously NEWPORT BEACH, Calif.--(BUSINESS WIRE)--Nov. 11, 1997-- Oppenheimer Capital, L.P. (NYSE:OCC - news), PIMCO Advisors L.P. (NYSE:PA - news) and certain individuals associated with the previous general partner of Oppenheimer Capital, L.P. have received notice of a lawsuit filed against them in Delaware by an individual, a purported Oppenheimer Capital, L.P. unitholder. Oppenheimer Capital, L.P. and PIMCO Advisors L.P. believe the suit is without merit, and intend to contest it vigorously. PIMCO Advisors intends to complete the acquisition of the remaining approximately two-thirds of Oppenheimer Capital and the restructuring of PIMCO Advisors public ownership on the terms previously announced, including the exchange ratio of 1.67 PIMCO Advisors Class A Units for each Oppenheimer Capital, L.P. Unit. The lawsuit alleges, among other things, various breaches of fiduciary duty, conflicts of interest and unfair dealing in connection with the transactions announced by Oppenheimer Capital, L.P. and PIMCO Advisors L.P. on Nov. 5, 1997. The plaintiff purports to be suing on his own behalf, and on behalf of all limited partners of Oppenheimer Capital, L.P. The complaint seeks compensatory and/or recissionary money damages or, alternatively, injunctive relief or recission of the transactions. Oppenheimer Capital and PIMCO Advisors currently manage assets of $60 billion and $130 billion, respectively, for their clients which include major institutional investors, mutual funds and pension plans. The combined firms are expected to have assets under management exceeding $190 billion, more than 900 employees and nearly 50,000 unitholders. The combined firms are expected to manage a mix of approximately 57 percent fixed-income and 43 percent equity assets. For the nine months ended Sept. 30, 1997, the firms had pro forma revenues in excess of $500 million, net income of approximately $114 million and operating cash flow of more than $188 million. __________________________________________________________________ ............... Bob