SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) October 8, 2001
___________________________
ALICO, INC.
____________________________________________________________________________
(Exact name of registrant as specified in its charter)
Florida 0-261 59-0906081
____________________________________________________________________________
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
Post Office Box 338, La Belle, Florida 33975
___________________________________________________________________________
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (863) 675-2966
_________________________
Item 5. Other Events
Incorporated by reference is a press release issued by the
Registrant on October 8, 2001, attached as Exhibit 01. The information
included in Exhibit 01 is required under Item 9 and is a Regulation FD
disclosure. Exhibit 01 concerns the Registrant's announcement
of information regarding a settlement agreement and litigation in State
Court, Polk County, Florida. This information was filed under Item 5
because the Securities and Exchange Commission has not, as of this date,
properly updated the item selection field in the EDGAR input screen.
Specifically, the current item 9 field states "Sales of Equity Securities
Pursuant to Regulation S" but should read "Regulation FD Disclosures"
as amended October 23, 2000.
Item 7. Financial Statements and Exhibits.
( c ) Exhibit
Exhibit 01 - Press release issued October 8, 2001.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
ALICO, INC.
(Registrant)
/s/ W. BERNARD LESTER
October 9, 2001 By__________________________________
__________________ W. Bernard Lester, President
Date (Signature)
EXHIBIT INDEX
Exhibit
Number Description
01 Press release issued October 8, 2001
NEWS RELEASE
ALICO, INC.
October 8, 2001
National Circuit
La Belle, Florida
The Company has been informed by the attorneys for Ben Hill
Griffin, III that the judge in the pending litigation in state
court in Polk County, Florida, between Ben Hill Griffin, III and the
Four Sisters Protectorate has preliminarily ruled that the settlement
agreement approved by the court on May 2, 2001 is enforceable. This
ruling came in response to a challenge to the enforceability asserted
by representatives of the family of Harriet Harris, one of the four
sisters of Ben Hill Griffin, III. The Company is not a party to this
litigation but understands that a large number of issues related to the
mechanism and terms of the proposed distribution of certain of the assets
of the Ben Hill Griffin, Jr. Revocable Intervivos Trust #1 to the families
of the four sisters, including the Alico stock beneficially owned by the
trust, remain to be worked out between representatives of the four sisters
and Ben Hill Griffin III. These terms are expected to be set forth in a
definitive separation agreement, which is still being negotiated by the
parties to the litigation. The Company further understands that consummation
of the settlement will be subject to various conditions which are still
being discussed, but will include the requirement that the parties receive
a ruling from the Internal Revenue Service that the transaction
will be treated as a tax free split off for federal income tax purposes.
No ruling request has yet been submitted. The Company has also been
informed that the Harris family representatives have filed a
new lawsuit in federal court in Leon County, Florida, seeking, among
other things, to set aside the settlement. The Company cannot say when
or if the settlement will be implemented but believes that the IRS ruling
process alone could take 6 months from the date a ruling request is submitted.
During the course of the hearing in the state court proceeding, the
Company understands that representatives of the Harris family introduced
evidence about valuation methods used by the Four Sisters Protectorate's
representatives and their advisers in arriving at their decision to support
the settlement and the Harris family introduced evidence, which they asserted
indicated that the valuations used by the representatives of the Four Sisters
Protectorate were inflated. Neither Ben Hill Griffin, III, the Company, nor
its representatives participated in the preparation of any of these evaluations.
The Company is issuing this press release under Regulation FD because of
questions it anticipates arising out of the introduction of testimony about
the evaluations in the state court proceedings. The Company will make no
further comment about the evaluations.
The state court litigation proceedings are being conducted in the
Circuit Court of the 10th Judicial Circuit in and for Polk County, Florida,
Case Number GC-G-0054 (Section 81) and are part of the public records of
that county. The federal case is pending in the U.S. District Court,
Northern District of Florida, Case Number 01-CV-432 in Leon County. The
Company is not undertaking to keep the public informed about developments
in either the state or federal litigation. Anyone interested should seek
the information in the public records.
For further information contact: W. Bernard Lester
La Belle, Florida
(863) 675-2966