CIRI settles fight with critics

Posted: Wednesday, August 06, 2003

ANCHORAGE - Cook Inlet Region Inc. has settled a bitter legal fight with two of its loudest critics.

Attorneys for Anchorage-based CIRI and independent directors Robert Rude and Harold Rudolph inked a settlement last week that dissolves all allegations on both sides.

Rudolph and Rude split a $50,000 payment from CIRI, which Rudolph said will go toward their hefty legal fees. The 15-member CIRI board approved the deal Thursday, directors said.

"I'm very pleased," said Roy Huhndorf, a board member and former chief executive. "It helps bring some normalcy to CIRI, which is much needed."

CIRI's lawsuit and the countersuit by Rude and Rudolph fill 14 volumes of court records. The two sides accused each other of a range of malfeasance, mostly with making false and misleading statements in proxy materials.

All parties, including the attorneys, say they're glad it's over.

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