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Alico Silent on Stock Value in Suit Settlement

LABELLE, FL-The locally based agribusiness and land-holding company advises shareholders it won't comment about the stock-valuation methods cited in a proposed settlement in a family dispute involving Ben Hill Griffin III, the company's chairman.

By David R. Corder | Updated on October 09, 2001

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.

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