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Suit seeks to brake a TBS breakup

A class action lawsuit accuses Turner Broadcasting System Inc. officials of plotting a breakup of the company that would leave minority shareholders out in the cold.

Chairman Ted Turner and other major shareholders have used inside information to make the plans, which have been the subject of wide media speculation, according to the suit.

It said the directors have violated their fiduciary duties and “put their personal interests ahead of those of TBS’ public stockholders.” Among other things, it said, Turner and others have made plans to alter the company without seeking any outside analysis, which the suit said is required.

The suit, filed by a shareholder identified only as J. Slovitt, asks the court to prevent any breakup of the company that is carried out without proper consideration of the minority stockholders.

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