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Article: Shoney's Shareholders' Committee Responds To Amended Bylaws of Shoney's, Inc.

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PR Newswire
Article date:
June 23, 1997
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ATLANTA, June 23 /PRNewswire/ -- Raymond D. Schoenbaum, on behalf of The Shoney's Shareholders' Committee, in response to Shoney's Inc. (NYSE: SHN) by-law amendments, today made the following statement:

"We are disappointed that Shoney's board and management would approve tactics which appear designed only to delay a Special Meeting of Shoney's shareholders and to entrench the current board and management. The Company is running out of time and its long-term viability is in danger. This purported manipulation of the corporate governance process for the benefit of the current board and management is yet another indication that Shoney's needs new leadership. ... 







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