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VALLEY ROUNDUP

Pay-Fone Fights to Subdue Proxy Takeover Attempt

February 03, 1987

Pay-Fone Systems Inc., a Van Nuys company that provides payroll and accounting services to small and medium-sized businesses, is fighting a proxy takeover attempt led by dissident shareholder Allen Kahn, a Chicago psychiatrist who owns about 9% of the firm.

In a letter mailed last week to shareholders, Pay-Fone President Lewis Greenwood urged shareholders not to align with the Kahn slate, saying it has "neither the experience, nor the qualifications necessary to serve as directors."

The letter asked shareholders to re-elect current directors at the annual meeting, which is scheduled Friday. Pay-Fone moved from West Los Angeles to the San Fernando Valley in December.

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