Bay Harbour, Penn Traffic Spar Over Board Seat

Penn Traffic Co. here said Monday it has offered Bay Harbour Management, which owns 23% of its shares, a seat on the board of directors, but only if the investment group signs a confidentiality agreement.

SYRACUSE, N.Y. — Penn Traffic Co. here said Monday it has offered Bay Harbour Management, which owns 23% of its shares, a seat on the board of directors, but only if the investment group signs a confidentiality agreement. "Thus far, Bay Harbour has declined to enter into such an agreement," Penn Traffic said in a press release. "The Penn Traffic board believes that providing Bay Harbour with access to the company's confidential information without restricting the actions that Bay Harbour

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