PHOENIX, Aug. 27, 2012 /PRNewswire/ -- SAC/SAC Holding Corporation: In front of the honorable Judge Flanagan in Reno, NV, former AMERCO insider Paul Shoen and "serial plaintiff" Alan Kahn dismissed their derivative lawsuit claims with prejudice. SAC, SAC Holding Corporation parent of various SAC companies announced that certain AMERCO derivative litigation naming SAC has been dismissed with prejudice. This terminates with prejudice such litigation in its entirety.
"This was a total victory for the SAC defendants," said Brockhagen. "Professional plaintiff Kahn and Shoen's baseless claims appeared intended to damage SAC's business relations. When faced with cross examination, plaintiffs had showed their hand. They faded and went away."
Dismissing plaintiff's agreed to not initiate litigation against any of the SAC entities relating to corporate governance, business judgment, public filings or press releases of any SAC entity for 20 years. "This ends nine years and 10 months of meritless harassing litigation," stated SAC spokesperson, Bruce Brockhagen.
The suit, which was captioned Paul F. Shoen vs. SAC Holding Corporation et al., CV 02-05602, consolidated with CV02-06331, CV03-02486 and CV03-02617, Second Judicial District Court, Washoe County, Nevada, had been pending against SAC Holding Corporation and certain of its affiliates as defendants. There was no fee or payment of any form to the plaintiffs in connection with their Dismissal with Prejudice of the litigation.
"We are glad to close this chapter with this final judgment. I am proud of our enviable reputation in debt markets," said Brockhagen.
About SAC/SAC Holding Corporation
SAC/SAC Holding Corporation owns hundreds of self storage properties across North America operating exclusively under the U-Haul brand name. Based upon industry statistics, SAC is the largest non-public owner of self-storage facilities in North America with financing relationships with insurance companies, banks as well as being an active participant in the CMBS markets.
Certain of the statements made in this press release regarding our business constitute forward-looking statements as contemplated under the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those anticipated as a result of various risks and uncertainties. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof. The Company undertakes no obligation to publish revised forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except as required by law.
SOURCE SAC Holding Corporation