Howe Caverns - Sale of Tourist Spot at Issue

[L Roebuck]

Sale of tourist spot at issue
Howe Caverns investor wants board to review sale prior to deal

MIDDLEBURGH -- Until a shareholder meeting notice arrived in the mail, Margaret Bliss said, she wasn't even aware that Howe Caverns' board of directors was trying to sell the tourist attraction.

Now she worries that she and other shareholders may not be getting the best deal.

"We're urging them to vote against the plan until there's a full presentation," she said late last week. "The board has been very aggressive pushing the sale, and not responsive to the rest of us."

Emil Galasso, who owns Cobleskill Stone Products, has offered about $3.6 million for the 400-plus acres of land over the caverns.

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[Brian Roebuck]

I wonder if there are any local cave conservancies around that might have an interest in the cave?

[L Roebuck]

High bid to buy caves disputed
Lawyer for Korean group says Howe Caverns shareholders weren't told about $4.2M offer

SHARON SPRINGS -- A Korean tour company's offer for Howe Caverns was higher than that of its rival, but shareholders were never told about it, a lawyer for the group said Thursday.

A spokesman for the Howe Caverns board said earlier this week the offer by Wright-Galasso Inc. to buy the shares of Howe Caverns Inc. "nets the most cash for the stockholders."

But attorney Youn Tae Yoo said his group, which originally sought to buy the caves, agreed instead to buy the current owners' shares, the same arrangement Wright-Galasso offered.

Its offering price of $4.2 million works out to about $290 a share, compared to the $225 being offered by Wright-Galasso.

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[Azurerana]

Talk about being caught between a rock and a hard place.

I'd go for the limestone company too. They'd do less damage.