Horizon sued Robert Schwartzberg, John Loring and Howard Amster, claiming Schwartzberg and Loring had made false and misleading statements in their solicitation materials for nomination to the board of directors.

Horizon's board will increase from five members to six members after Tuesday's annual meeting. The new seat will go to Amster, with Schwartzberg and Loring dropping their election bids.

Amster, of Beachwood, OH, is a principal of Ramat Securities, Ltd. He owns 283,916 shares of Horizon common stock.

"Howard Amster is an experienced real estate and financial professional who can greatly assist in the policy direction of the company," Schwartzberg says. "I am highly confident that Mr. Amster is deeply committed to achieving the goal we all share which is the preservation and enhancement of value for all HGP stockholders."

Says Chairman, President and CEO Gary J. Skoien: "Expanding the Board will provide additional independent input sought by Mr. Schwartzberg and Mr. Loring, as well as Mr. Amster. Mr. Amster's knowledge and experience will assist the Board in its ongoing efforts to maximize shareholder value."