Appeals Court Halts Appointment of Trustee to Market Reading International, Inc. Voting Stock
16 April 2018 - 10:00PM
Business Wire
Reading International, Inc. (“RDI” or the “Company”) announced
today that the California Court of Appeals has stayed all trial
court proceedings and issued an Order to Show Cause as to why it
should not vacate the California Superior Court’s Order that a
trustee ad litem be appointed to market certain RDI stock. The
Superior Court had previously decreed, on March 23, 2018, in the
case In Re: James V. Cotter, Living Trust, Ellen Marie Cotter,
Margaret Cotter, Petitioners, vs. James J. Cotter, Jr., Respondent,
Case No: BP159755 (the “Cotter Trust Case”) that a trustee ad litem
be appointed with “the narrow and specific authority to obtain
offers to purchase the RDI stock in the voting trust” to be
established under the James J. Cotter, Sr., Living Trust (the
“Voting Trust” and the “Living Trust” respectively).
On March 23, 2018, the Superior Court, as a separate matter,
invalidated the trust document under which Mr. James J. Cotter,
Jr., claimed to be a co-trustee of the above referenced Living
Trust and Voting Trust, thereby confirming that Ellen Cotter and
Margaret Cotter are the sole Co-Trustees of the Living Trust and
Margaret Cotter is the sole Trustee of the Voting Trust.
Collectively, as the Co-Executors of the James J. Cotter, Sr.,
Estate and the Living Trust, Ellen Cotter and Margaret Cotter have
voting control of approximately 66.9% of the voting power of our
Company.
On March 22, 2018, our Board of Directors approved the 2018-2020
Outlook, 2018 Budget & Strategy, 2018-2020 Capital Plan and
2019-2020 Forecast & Strategy as a sound basis for moving our
Company forward and building stockholder values as an independent
company. Basically, our strategy continues to be a long term
strategy of building value by continuing to build our cinema
operations (and enhancing those operations through the upgrading of
our theater amenities and food and beverage offerings) and
continuing to develop our real estate assets.
About Reading International, Inc.
Reading International, Inc. (NASDAQ: RDI) is a leading
entertainment and real estate company, engaging in the development,
ownership and operation of multiplex cinemas and retail and
commercial real estate in the United States, Australia and New
Zealand.
The family of Reading brands includes cinema brands Reading
Cinemas, Angelika Film Centers, Consolidated Theatres, and City
Cinemas; live theaters operated by Liberty Theatres in the United
States; and signature property developments, including Newmarket
Village, Auburn Red Yard and Cannon Park in Australia, Courtenay
Central in New Zealand and 44 Union Square in New York City.
Additional information about Reading can be obtained from the
Company's website: http://www.readingrdi.com.
Forward-Looking
Statements
Our statements in this press release contain a variety of
forward-looking statements as defined by the Securities Litigation
Reform Act of 1995. Forward-looking statements reflect only our
expectations regarding future events and operating performance and
necessarily speak only as of the date the information was prepared.
No guarantees can be given that our expectation will in fact be
realized, in whole or in part. You can recognize these statements
by our use of words such as, by way of example, “may,” “will,”
“expect,” “believe,” and “anticipate” or other similar
terminology.
These forward-looking statements reflect our expectation after
having considered a variety of risks and uncertainties. However,
they are necessarily the product of internal discussion and do not
necessarily completely reflect the views of individual members of
our Board of Directors or of our management team. Individual Board
members and individual members of our management team may have
different views as to the risks and uncertainties involved, and may
have different views as to future events or our operating
performance.
Among the factors that could cause actual results to differ
materially from those expressed in or underlying our
forward-looking statements are the following:
- Future actions, developments and
decisions by one or more litigants, a temporary trustee ad litem or
other trustee or guardian appointed by a court, or the courts,
including appellate courts, in the above-described legal
matters.
- Future actions by members of the Cotter
family or their respective affiliates and representatives.
- Future actions by the Company’s Special
Independent Committee or the Board of Directors or any of the
Company’s stockholders.
- Future actions of third parties.
The above list is not necessarily exhaustive.
Given the variety and unpredictability of the factors that will
ultimately influence the matters covered in this press release, no
guarantees can be given that any of our forward-looking statements
will ultimately prove to be correct. Actual results will
undoubtedly vary and there is no guarantee as to how our securities
will perform, either when considered in isolation or when compared
to other securities or investment opportunities.
Finally, we undertake no obligation to publicly update or to
revise any of our forward-looking statements, whether as a result
of new information, future events or otherwise, except as may be
required under applicable law. Accordingly, you should always note
the date to which our forward-looking statements speak.
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version on businesswire.com: https://www.businesswire.com/news/home/20180416005491/en/
Reading International, Inc.Investor Contacts:Dev Ghose,
Executive Vice President & Chief Financial OfficerAndrzej
Matyczynski, Executive Vice President for Global Operations(213)
235-2240orMedia Contacts:Joele Frank, Wilkinson Brimmer KatcherEd
Trissel or Matthew Gross(212) 355-4449
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