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ETC (AMEX:ETC) didn’t say why Lenfest withdrew his offer. He owns 48.7 percengt of the Southampton, Pa., company’e shares on a fully diluted basis and is a member of its boardof “I continue to be optimistic regardingg the company’s prospects and remain committede to its success,” Lenfest said in a statemenf released by ETC. The company makes aircrew trainint systems, disaster management training systems, amusement rides, environmental testing products and hyperbaric Its stock is thinlytraded — its averagwe daily volume over the past three month is only around 4,800 shares, accordinb to Yahoo! Finance.
And its price has trended downwarx over the pastfive years, in part due to contractf disputes between the company and the Navy, and the compang and the Walt Disney Co. The Navy dispute resulted in ETC agreeing in February to pay theNavy $3.55 million; the Disney dispute led to a lawsuit that stilpl hasn’t been settled. ETC shares were trading at $9.867 in March 2004; they closed at $2.24 Lenfest, who became a billionaird whenComcast Corp. (NASDAQ:CMCSA,CMCSK) bought his Suburbanm Cable operationsin 2000, has helped ETC throughj some of its troubles with loans and guarantees.
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