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Phoenix Laser Systems

This article was originally published in The Gray Sheet

Executive Summary

Bernard Szeto, a member of an investor group that opposes the firm's proposed reorganization ("The Gray Sheet" April 19, p. 33), files suit in Delaware Court of Chancery "seeking injunctive relief, recision and damages based on allegations that Phoenix' management had, in violation of Delaware law, transferred all of Phoenix' assets to two new companies which would not be controlled by Phoenix," according to an April 19 Phoenix release. Phoenix maintains that "the lawsuit is without merit and will be defended vigorously." According to an April 14 Securities and Exchange Commission filing made by the investor group, Szeto filed a separate suit on March 29 in the Delaware court seeking to compel Phoenix to schedule an annual shareholders meeting. At the meeting, the investors would nominate "a slate of new directors" independent of Phoenix Chairman and CEO Steven Schiffer and would ask for a recision of transactions "related to the transfer of Phoenix assets to companies controlled by Mr. Schiffer." On April 6, Phoenix filed a suit against the investors in California Superior Court charging them with "misappropriation of funds" and acting in accordance with a plan to take over control of the firm.

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