Neuberger Berman Real Estate Income Fund Inc. and Full Value Partners L.P. Announce Agreement to Settle Litigation
10 Juli 2007 - 2:10AM
Business Wire
Neuberger Berman Real Estate Income Fund Inc. (NYSE: NRL) and Full
Value Partners L.P. (�Full Value�), today announced that they have
entered into an agreement settling litigation filed by Full Value
in October 2004 against NRL and certain of its directors relating
to takeover defenses adopted by NRL in September 2004 to fend off a
hostile tender offer by entities affiliated with Stuart R. Horejsi.
The parties have entered into the settlement to eliminate the
burden, expense, and distraction of further litigation. The
settlement follows a summary judgment ruling in related litigation
between NRL and Mr.�Horejsi and his affiliates, in which a federal
court upheld the takeover defenses adopted by NRL. The settlement
also follows the announcement by NRL that it intends to present to
its stockholders for approval at NRL�s next stockholders meeting a
proposal to liquidate NRL and distribute the net proceeds to the
stockholders, which action could allow stockholders to realize net
asset value for their shares, as advocated by Full Value. As part
of the agreement, Full Value and other entities affiliated with
investor Phillip Goldstein have agreed to vote their NRL shares in
favor of the liquidation proposal and for the election of
management�s nominees as directors. Forward-Looking Statements
Statements made in this release that look forward in time involve
risks and uncertainties and are forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. Such risks and uncertainties include, without limitation, the
adverse effect from a decline in the securities markets or a
decline in the Fund�s performance, a general downturn in the
economy, competition from other funds, changes in government policy
or regulation, inability of the Fund�s investment advisor to
attract or retain key employees, inability of the Fund�s investment
advisor to implement its investment strategy, inability of the Fund
to manage unforeseen costs and other effects related to legal
proceedings or investigations of governmental and self-regulatory
organizations.
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