- Reading International (NASDAQ:RDI) discloses that the California Superior Court has issued a statement of decision relating to James Cotter, Jr.’s petition to appoint a temporary trustee ad litem to pursue a sale of the Class B Voting-Stock owned by James Cotter Sr.
- In response to Cotter, Jr.’s petition, the California Superior Court has determined to appoint a Temporary TAL "with the narrow and specific authority to obtain offers to purchase the RDI stock in the voting trust, but not to exercise any other powers without court approval, specifically the sale of the company or any other powers possessed by the trustees."
- The shares represent more than 66% of the voting power of the company.
- The Reading board says it has not changed its position that it's in the best interests of the company and shareholders to continue the independent pursuit of its current business plan and that a sale isn't in the best interests of shareholders.
- Source: Press Release
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