TLC Beatrice's Directors Approve Liquidation Plan

Jet, August 23, 1999

TLC Beatrice International Holdings Inc. recently announced that its directors have approved a distribution to stockholders, as part of the company's liquidation plan.

Under the plan, the company's directors approved a distribution to stockholders of $12 per share, or an estimated $110 million, according to news reports.

This latest development followed an initial distribution in July to the company's stockholders of $30 per share or about $275 million according to Business Wire.

The board's directors appointed the company's general counsel, Reynaldo P. Glover, 55, president of its liquidating entity.

"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," Glover said.

TLC Beatrice, once the nation's largest Black-owned company, announced its plans to sell the last of its holding earlier this year (JET, June 14).

TLC said the liquidation plan, along with the sale of the company's soft drink division in Spain, is expected to return a healthy profit for investors and the family of the late Reginald Lewis, founder of the company.

Lewis died of brain cancer in 1993 at age 50. His wife, Loida Lewis, assumed the leadership of the company in 1994.