EXHIBIT 27
FOR IMMEDIATE RELEASE:
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Contact: Joseph E. Marquet, Edgecliff Holdings, LLC
Phone: (606) 578-1100
Contact: Robert C. Marese, MacKenzie Partners, Inc.
Phone: (212) 929-5500
LEADING INDEPENDENT PROXY ADVISORY FIRM ENDORSES
EDGECLIFF HOLDINGS, LLC IN PROXY CONTEST
FT. MITCHELL, KENTUCKY, OCTOBER 3, 2000-- Edgecliff Holdings, LLC announced
today that it has received the endorsement of Institutional Shareholder Services
(ISS) in connection with its proxy contest to elect its nominees to the Board of
Directors of Lodgian, Inc. (NYSE: LOD) at the company's annual meeting on
October 12.
In a report to its clients published yesterday, ISS stated that Edgecliff's
"dissident slate of director nominees should be supported" and recommended that
Lodgian stockholders "vote using the dissident nominees' GREEN proxy card."
Reported ISS, "we believe the dissident group has a stronger case."
Among the reasons for its recommendation, ISS expressed "grave concerns" over
Lodgian's historical operating results and management's "inability to
effectively report the financial condition of the firm." ISS also rejected
Lodgian's principal arguments against the election of Edgecliff's nominees. "ISS
is not convinced that electing the dissidents would have a detrimental effect on
any alternative offers that may emerge for the company...In our opinion, there
is no reason to suspect that Mr. Yung would attempt to purchase the company at a
price below what the market will bear in an attempt to misuse any position on
the board he may hold."
William J. Yung, President of Edgecliff, stated, "We are gratified to have
received support for our slate of nominees from an independent advisory firm
like ISS. We hope that all stockholders will follow ISS's recommendation as they
cast their votes."
ISS is a leading independent proxy advisory firm located in Rockville, MD. ISS
advises several hundred of the country's largest institutions, pension funds and
money managers on voting in contested situations.
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