Shareholder to Avalon Holdings exec: Get out of golf course business

VIENNA — The second-largest shareholder of Avalon Holdings pleaded with the executive who controls the company to abandon his focus on money-losing golf courses.

Dr. Anil Nalluri, who owns 10 percent of company stock, complained about company operations for the second straight year at Avalon’s annual meeting this morning at its Squaw Creek Course here.

“Your stock value has plummeted to hamburger level. I can’t even buy a Big Mac with your stock,” said Dr. Nalluri, a Boardman psychiatrist.

Ronald Klingle, Avalon chairman and chief executive, said many companies have seen stock values plummet during the nation’s credit and financial crisis and added that he still thinks the company’s three golf courses will be profitable.

Avalon’s stock was trading at $1.83 before noon today, compared with about $5 a year ago.

For the complete story, see Friday’s Vindicator and Vindy.com