Chicago Lawyer to Oversee Liquidation of TLC Beatrice International

Business Wire, August 3, 1999

NEW YORK--(BUSINESS WIRE)--August 3, 1999--

TLC Beatrice International Holdings, Inc. today announced that, at a meeting last week, its Board of Directors appointed the company's General Counsel, Reynaldo P. Glover, 55, president of its liquidating entity. In that role, he will oversee the previously announced, planned liquidation of TLC Beatrice.

"It is my intention to complete the job and distribute the remaining proceeds to the stockholders as expeditiously as possible in keeping with the best interests and wishes of the stockholders," said Mr. Glover.

A plan of liquidation was approved by TLC Beatrice's stockholders earlier this year. As part of the plan, the company's Board approved last week a distribution to stockholders of $12 per share, or approximately $110 million. This action followed an initial distribution last month to the TLC Beatrice stockholders of $30 per share, or approximately $275 million.

TLC Beatrice's sole remaining operation is a small beverage company in Thailand, Bireley's. Bireley's is a marketer of non-carbonated orange drinks and other beverages. TLC Beatrice said that it intends to proceed with the sale of the operation.

Mr. Glover was formerly Executive Vice President and General Counsel of TLC Beatrice. Before joining the company, he was General Partner at a number of Chicago law firms -- Miller, Shakman, Hamilton, Kurtzon & Schlifke, Jenner & Black, and Isham, Lincoln & Beale. He is currently of Counsel at the firm of Rudnick & Wolfe.

Previously, Mr. Glover was a staff attorney at CNA Financial Corporation and practiced law with the Chicago firms of Overton, Schwartz & Yacker and Antonow & Fink. Active in the fight for civil rights, he began his career as National Executive Director of the Law Student Civil Rights Research Council in New York.

From 1988 to 1991, Mr. Glover served as chairman of the Board of Trustees of the City Colleges of Chicago. In that capacity, he provided policy direction for the second largest community college district in the United States. During his tenure, he boosted enrollment by organizing an intensive, door-to-door campaign in Chicago's housing projects to enroll students.

Mr. Glover has a wide variety of interests. He is a licensed pilot, an avid scuba diver and a marksman with the bow and arrow. He is a graduate of Harvard Law School and Fisk University. He was born in Gary, Indiana and attended Roosevelt High School in Gary.