X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

LABELLE, FL-Alico Inc. is advising shareholders it is imposing a self-enforced gag over any questions on the stock-valuation methods cited in a proposed settlement of a family dispute involving Ben Hill Griffin III, the company’s chairman.

Earlier this year, four sisters, as beneficiaries of the Ben Hill Griffin Jr. Revocable Intervivos Trust No. 1, filed a lawsuit that sought the chairman’s removal as trustee. The suit alleges Griffin received over-compensation and an illegal bonus.

During a civil trial in March, the parties agreed to mediate the dispute. The four sisters apparently agreed to a settlement that proposed among other things, a tax-free split-off of Alico stock held in trust. The judge approved the settlement.

However, family members of Harriet Harris, one of the four sisters, have filed a lawsuit in U.S. District Court in Leon County, FL, asking that the settlement be set aside.

Alico advises shareholders the company won’t comment on Harris family allegations that the company’s stock-valuation methods used in the proposed settlement are inflated.

Announcement of the company’s decision had little impact on its publicly traded stock, which closed down five cents Monday at $26.80 on volume of 13,100. The issue has traded as high as $33.34 and as low as $15.28.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. NET LEASE 2020Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.