Four Members Drop Out Of Pulitzer Lawsuit
ST. LOUIS (AP) _ Four members of the Pulitzer family who were part of a lawsuit in a fight for control of Pulitzer Publishing Co. stock have agreed to try to reach an out-of-court settlement.
Three other dissident shareholders who sued the company agreed Tuesday to delay trial for at least a week.
U.S. District Judge William L. Hungate told the four who offered to try for the settlement - Clement C. Moore II and Gordon, William and James Weir - to present settlement stipulations to the court by June 16.
″I hope it comes to some sort of an equitable solution,″ Moore said. ″No one wants to beat up on the other guy in court.″
Hungate delayed the bench trial involving the remaining plaintiffs - Kate Davis Pulitzer Quesada, and her sons, Peter W. Quesada and his brother, Ricardo - until at least May 21.
Moore, the Quesadas and the Weirs, who own 20 percent of the stock, contended in the suit that Joseph Pulitzer Jr., Michael Pulitzer and their cousin David E. Moore acted fraudulently in setting up a voting trust for nearly 80 percent of the publishing company’s shares and resisting a takeover bid by Michigan financier A. Alfred Taubman. The Pulitzers and Moore control 54 percent of the company’s stock.
Taubman had earlier offered $500 million for the Pulitzer stock, but later upped his bid to $625 million. Both of those bids were rejected by the majority shareholders.
Joseph and Michael Pulitzer have declined to comment on the litigation.
Pulitzer Publishing Co. owns the St. Louis Post-Dispatch and newspapers in Arizona and the Chicago area as well as several radio and television stations.