William Lyon (NYSE:WLS)
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William Lyon Homes (NYSE:WLS) announced today that
General James Dalton, William McFarland, Michael Meyer and Randolph
Westerfield have resigned from the Board of Directors of the Company.
They said they did so because they disagreed with the statements by
General William Lyon that the Special Committee which had been formed
to consider his recent offer had restricted its investment banking
firm from engaging in any meaningful dialogue and that they had
concerns about the July 25, 2005 board meeting at which the Special
Committee was disbanded. The resigning directors also said that the
Special Committee had worked diligently to perform its
responsibilities to the Company's minority shareholders.
In commenting on the resignation, General Lyon said, "In
expressing my concern that I was unable to precipitate a dialogue with
the Special Committee relative to my recent offer, I did not mean to
imply in any way that the members of the Special Committee did not act
in good faith in what they believed was in the best interests of
shareholders. General Dalton and Messrs. McFarland, Meyer and
Westerfield have served the Company and its shareholders well for many
years. I thank them for their service and wish them well." General
Lyon also said he expected the Board of Directors would appoint new
independent directors in the not too distant future to serve until the
next shareholders meeting.
William Lyon Homes is primarily engaged in the design,
construction and sale of single family detached and attached homes in
California, Arizona and Nevada and at June 30, 2005 had 41 sales
locations. The Company's corporate headquarters are located in Newport
Beach, California. For more information about the Company and its new
home developments, please visit the Company's website at
www.lyonhomes.com.
Certain statements contained in this release that are not
historical information contain forward-looking statements. The
forward-looking statements involve risks and uncertainties and actual
results may differ materially from those projected or implied.
Further, certain forward-looking statements are based on assumptions
of future events which may not prove to be accurate. Factors that may
impact such forward-looking statements include, among others, changes
in general economic conditions and in the markets in which the Company
competes, the outbreak, continuation or escalation of war or other
hostilities, including terrorism, involving the United States, changes
in mortgage and other interest rates, changes in prices of
homebuilding materials, weather, the occurrence of events such as
landslides, soil subsidence and earthquakes that are uninsurable, not
economically insurable or not subject to effective indemnification
agreements, the availability of labor and homebuilding materials,
changes in governmental laws and regulations, the timing of receipt of
regulatory approvals and the opening of projects, and the availability
and cost of land for future development, as well as the other factors
discussed in the Company's reports filed with the Securities and
Exchange Commission.