Ironworkers sue over "shareholder value"

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Pension group sues to stop Fingerhut liquidation

Associated Press
Published Feb 26, 2002

Another group hopes to force Federated Department Stores to stop
dismantling Fingerhut.

The Alaska Ironworkers Pension Trust filed the lawsuit in state district
court in Minneapolis today.

The group aruges that Fingerhut's parent company has failed to maximize
shareholder value by taking steps to liquidate Fingerhut before trying
to sell it as an intact company.

Federated Department Stores announced last month that it would close
Fingerhut if it could not find a buyer. Since then, there have been two
offers for the catalog company, one with a signed non-binding letter of
intent to purchase.

The Alaska Ironworkers say they took their cue from Fingerhut employee
Nick Wesenberg of St. Cloud, who filed a similar lawsuit last week as a
shareholder. The trust owns thousands of shares of Federated with
retirement savings for more than 1,000 workers and retirees in Alaska.

Closure of Fingerhut would put 4,700 Minnesotans out of work, almost
2,700 of them in St. Cloud.

http://www.startribune.com/stories/535/1702615.html

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