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Liquidation vote fails at Walter

By Times staff writer

© St. Petersburg Times, published April 27, 2001

New York money manager Tom McKay's quest to force Walter Industries Inc. to liquidate its assets failed once again at the company's annual meeting Thursday.

McKay claimed that selling off Walter's business units and repaying its debts would net shareholders between $20.50 and $25 a share, double the stock's recent trading range. But shareholders sided with the company by a wide margin.

Walter wants out of coal mining and is selling some of its assets, including its Tampa headquarters. But the company wants to keep its home-building subsidiary and other core businesses. It says efforts to cut costs and improve productivity should produce greater value for shareholders.

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