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Show Bambergers Battle Proposed United Park City Merger United Park City Mines Company (UPCMC) stockholders stock-holders are scheduled to meet again Nov. 18 to vote on a proposed merger with Cimarron Corp., a Texas-based Texas-based oil and gas exploration firm. An Oct. 29 meeting was adjourned before a vote could be taken. Sources say the adjournment adjourn-ment was largely due to the legal maneuverings of the Bamberger family in Salt Lake. The Bamberger interests controll some three 'percent of the outstanding United Park shares and are openly opposed to the merger. In an attempt to stall the Oct. 29 meeting, Bamberger Investment and Exploration Co. filed suit in the U.S. District Court Oct. 23 seeking seek-ing an injunction to prevent the meeting from taking place. The suit claimed "misrepresentations and ommissions" had been made in the solicitation of proxy votes on the merger. Specifically, the proxy statement state-ment mailed to share holders indicated Atlantic Richfield Corp., which controlls over 18 percent of United Park stock, favored the merger. Atlantic Richfield, Bamberger Bamber-ger Investment says, is apparently opposed to the merger. On Oct. 28 the court denied the injunction and the meeting began as planned. A group of stockholders led by Bamberger Investment tried unsuccessfully to stall . r rn j tne meeting ior w aays. They were, however, successful suc-cessful in getting the meeting meet-ing adjourned until Nov. 18. Meantime, stockholders will be notified that contrary to the earlier report, Atlantic Richfield does not favor the merger proposal. United Park spokesman Ed Osika said he had no idea which w ay the vote would go next week, adding he was unaware of any further moves to stall the meeting. "It's all up to the stockholders," stockhold-ers," he said. Should the merger go through, the mine company's com-pany's name would be changed to Cimarron Corp. UPCMC was formed in the early 1950 with the merger of several large Park City mining concerns, including the Daly-West mine controlled controll-ed by the Bamberger family. yPCMC owns the Ontario Mine and surface rights to over 10,000 acres immediately immediate-ly surrounding Park City. Much of Deer Valley is under purchase agreement with UPCMC and some of its ski trails are on property leased from the firm. Most of the Park City Ski area is leased from UPCMC. The mining company still controlls mineral min-eral rights to almost 15,000 acres around Park City. |