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Insured Municipal Income Fund Inc. Announces Voluntary Dismissal of Litigation by Shareholder Activists

  //business-finance.news-articles.net/content/200 .. ssal-of-litigation-by-shareholder-activists.html
  Published in Business and Finance on Thursday, January 22nd 2009 at 13:48 GMT, Last Modified on 2009-01-22 13:48:34 by Market Wire
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NEW YORK--([ BUSINESS WIRE ])--Insured Municipal Income Fund Inc. (NYSE: PIF) (the "Fund") today announced that certain shareholder activists (the "Petitioners"), including Bulldog Investors General Partnership ("BIGP"), have voluntarily dismissed a previously filed complaint seeking the involuntary dissolution of the Fund. As a result, the litigation under Maryland law has been terminated.

The Petitioners originally filed the complaint on October 23, 2008, seeking the involuntary dissolution of the Fund claiming that the stockholders of the Fund were "so divided" that directors could not be elected and asking a Maryland court to dissolve the Fund. As noted in a prior press release, the Fund believed that the complaint was without merit. The Fund filed a motion to dismiss the action or to grant summary judgment, which was pending at the time the Petitioners elected voluntarily to dismiss their lawsuit. The Petitioners dismissed their lawsuit before responding to the Fund's motion.