CULVER CITY, Calif.–(BUSINESS WIRE)–Reading International, Inc. (“Reading” or the “Company”) today appear that the Superior Cloister of the State of California for the County of Los Angeles entered a Tentative Statement of Accommodation (the “Tentative Ruling”) in the bulk apropos the James J. Cotter Living Assurance (“Cotter Living Trust”), Case No. BP159755 (the “Trust Litigation”). The Tentative Ruling was rendered on August 29, 2017.
As ahead disclosed, the Assurance Litigation involves assets of our Company’s founder, aloft Chairman, Chief Executive Officer and authoritative stockholder, James J. Cotter, Sr. The Cotter Living Assurance holds about 41.4% of Reading’s voting accepted stock. The James J. Cotter Estate, which is the accountable of a abstracted probate proceeding awaiting in the State of Nevada, holds, amid added assets, 25.5% of Reading’s voting accepted stock, which is currently advancing to ultimately “pour over” into the Cotter Living Trust.
Beneath the administering California Rules of Court, the Tentative Statement of Accommodation does not aggregate a acumen and is not bounden on the Superior Court. The Superior Cloister charcoal chargeless to adapt or change its decision. It is ambiguous as to when, if ever, the Tentative Ruling will become final, or the anatomy in which it will ultimately be issued.
The Tentative Ruling declares that the 2014 Amendment to the Cotter Living Assurance alive by Mr. Cotter, Sr., is invalid. Accordingly, aloft the Tentative Ruling acceptable final, Ellen Cotter and Margaret Cotter will abide as the sole Co-Trustees of the Cotter Living Trust, as it existed above-mentioned to the 2014 Amendment, and Margaret Cotter will additionally abide as the sole trustee of the Voting Assurance created beneath the Cotter Living Assurance to ascendancy the Reading voting accepted banal captivated by the Cotter Living Trust, afresh as it existed above-mentioned to the 2014 Amendment.
The Tentative Ruling additionally provides, afresh accountable to acceptable final, for the arrangement of a acting trustee ad litem “with the attenuated and specific ascendancy to admission offers to acquirement the Reading banal in the voting assurance or the citrus farms (certain orchard and packing abode backdrop ahead endemic by Mr. Cotter, Sr.), but not to exercise any added admiral afterwards cloister approval, accurately the auction of the [sic] aggregation or any added admiral bedevilled by the trustees.” The Superior Cloister acknowledges that it has no administration over “the auction of the [C]ompany.” However, the Superior Cloister has administration over the assets in the Cotter Living Trust, including the abeyant disposition of the voting accepted stock.
As ahead appear in our latest Report on Anatomy 10-Q, on August 9, 2017, our Board of Directors appointed a Special Independent Committee to, amid added things, review, consider, deliberate, investigate, analyze, explore, evaluate, adviser and exercise accepted blank of any and all activities of our Aggregation anon or alongside involving, responding to or apropos to any abeyant change of ascendancy transaction apropos to a auction by the Cotter Living Assurance of its backing of Reading’s voting accepted stock. The Special Independent Committee has not, however, been delegated any ascendancy to affair or to astrict our Aggregation to affair any shares of our Company’s stock, or to accept any merger, alliance or defalcation of our Company. The Special Committee is comprised of the Company’s Lead Independent Director William Gould (Chair), Doug McEachern, and Judy Codding.
The Special Committee will be reviewing the ambit and implications of the Tentative Ruling and, constant with its delegated authority, alive to assure the best interests of our Aggregation and stockholders generally.
About Reading International, Inc.
Reading All-embracing Inc. (NASDAQ: RDI) is a arch ball and absolute acreage company, agreeable in the development, buying and operation of circuitous cinemas and retail and bartering absolute acreage in the United States, Australia, and New Zealand.
The ancestors of Reading brands includes cinema brands Reading Cinemas, Angelika Blur Centers, Consolidated Theatres, and City Cinemas; alive theaters operated by Liberty Theatres in the United States; and signature acreage developments, including Newmarket Village, Auburn Red Yard and Cannon Park in Australia, Courtenay Central in New Zealand and 44 Union Square in New York City.
Additional advice about Reading can be acquired from the Company’s website: http://www.readingrdi.com.
This columnist absolution contains advanced statements aural the acceptation of Section 27A of the Balance Act of 1933 and Section 21E of the Balance Exchange Act of 1934 (the “Exchange Act”).
For a abundant altercation of these and added accident factors, amuse accredit to Reading International’s Annual Report on Anatomy 10-K (as adapted on Anatomy 10-K/A) for the year concluded December 31, 2016 and added filings Reading All-embracing makes from time to time with the SEC, which are accessible on the SEC’s Website (http://www.sec.gov).
Investors are cautioned not to abode disproportionate assurance on our advanced statements, which allege alone as of the date such statements are made. Reading All-embracing does not undertake any obligation to about amend any advanced statements to reflect events, affairs or new advice afterwards the date of this columnist release, or to reflect the accident of hasty events.
Our statements in this columnist absolution accommodate a array of advanced statements as authentic by the Balance Litigation Reform Act of 1995. Advanced statements reflect alone our expectations apropos approaching contest and operating achievement and necessarily allege alone as of the date the advice was prepared. No guarantees can be accustomed that our apprehension will in actuality be realized, in accomplished or in part. You can admit these statements by our use of words such as, by way of example, “may,” “will,” “expect,” “believe,” and “anticipate” or added agnate terminology.
These advanced statements reflect our apprehension afterwards accepting advised a array of risks and uncertainties. However, they are necessarily the artefact of centralized altercation and do not necessarily absolutely reflect the angle of alone associates of our Board of Directors or of our administration team. Alone Board associates and alone associates of our administration aggregation may accept altered angle as to the risks and uncertainties involved, and may accept altered angle as to approaching contest or our operating performance.
Amid the factors that could account absolute after-effects to alter materially from those bidding in or basal our advanced statements are the following:
The aloft account is not necessarily exhaustive, as business is by analogue capricious and risky, and accountable to admission by abundant factors alfresco of our control, such as changes in government adjustment or policy, competition, absorption rates, supply, abstruse innovation, changes in customer aftertaste and fancy, weather, and the admeasurement to which consumers in our markets accept the bread-and-er adequacy to absorb money on beyond-the-home entertainment.
Accustomed the array and alternation of the factors that will ultimately admission our businesses and our after-effects of operation, no guarantees can be accustomed that any of our advanced statements will ultimately prove to be correct. Absolute after-effects will assuredly alter and there is no agreement as to how our balance will perform, either back advised in a or back compared to added balance or advance opportunities.
Finally, we undertake no obligation to about amend or to alter any of our advanced statements, whether as a aftereffect of new information, approaching contest or otherwise, except as may be appropriate beneath applicative law. Accordingly, you should consistently agenda the date to which our advanced statements speak.
Additionally, assertive of the presentations included in this columnist absolution may accommodate “pro forma” advice or “non-U.S. GAAP banking measures.” In such case, a adaptation of this advice to our U.S. GAAP banking statements will be fabricated accessible in affiliation with such statements.
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