Red Oak Responds to Allegations by CLST
February 18 2009 - 4:30PM
Business Wire
Red Oak Fund, L.P. (�Red Oak�), a fund managed by Red Oak
Partners, LLC, announced today that it has sent a letter to CLST
Holdings, Inc. (�CLST�) setting the factual record straight with
respect to the allegations contained in the lawsuit filed by CLST
on February 13, 2009 against Red Oak and certain affiliates. A copy
of the letter is attached as an exhibit to the Schedule 13D filed
by Red Oak with the Securities and Exchange Commission earlier
today.
�I urge shareholders to read the letter which I sent to CLST
today as it sets the record straight,� said David Sandberg,
Managing Partner of Red Oak Partners, LLC. �CLST�s allegations are
without merit, and to us the lawsuit filed by CLST looks like just
one more example of CLST�s board seeking to entrench its position
with the company. The board of CLST failed to call an annual
meeting for fiscal year 2008 and many shareholders continue to be
frustrated with CLST�s board which seems to have backed away from
implementing the plan of dissolution approved by the corporation�s
stockholders back in 2007.�
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