Bairnco Corporation Reports Settlement of 'NOL Lawsuit'
02 September 2004 - 4:01PM
PR Newswire (US)
Bairnco Corporation Reports Settlement of 'NOL Lawsuit' LAKE MARY,
Fla., Sept. 2 /PRNewswire-FirstCall/ -- Bairnco Corporation
(NYSE:BZ) today reported that it has reached an agreement in
principal with the Keene Creditors Trust to settle the NOL Lawsuit,
involving a dispute between Bairnco and the Trust over tax refunds
that have been held in an escrow account since the mid-1990s. Under
the settlement, which is subject to formal approval by an Advisory
Committee for the Trust and to final documentation, Bairnco will
receive approximately $24.6 million. These tax refunds have not
been included in Bairnco's financial statements. Along with the May
2004 affirmance by the U.S. Court of Appeals for the Second Circuit
of the dismissal of the Transactions Lawsuit brought by the Trust
against Bairnco, Bairnco's subsidiaries and others, the settlement
of the NOL Lawsuit concludes more than a decade of litigation
against Bairnco that arose out of transactions with its former
subsidiary, Keene Corporation. Bairnco Corporation is a diversified
multinational company that operates two distinct businesses --
Arlon and Kasco. Arlon's principal products include high technology
materials for the printed circuit board industry, cast and
calendered vinyl film systems, custom engineered laminates and
pressure sensitive adhesive systems, and special silicone rubber
compounds and components. Kasco's principal products include
replacement band saw blades for cutting meat, fish, wood and metal,
and on-site maintenance services for the retail food industry
primarily in the meat and deli departments. Kasco also distributes
equipment to the food industry in Canada and France. DATASOURCE:
Bairnco Corporation CONTACT: Lawrence Maingot, Controller, Bairnco
Corporation, +1-407-875-2222 Web site: http://www.bairnco.com/
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