Smokies Supporters Celebrate End of Polyester Suit

(Kodak, TN – Dec. 11, 2006) - Friends of the Smokies announced today that they have received $750,000 as a result of a settlement of a class action lawsuit related to price-fixing in the polyester fiber industry. It is the largest single gift in the history of the non-profit organization. The original class-action civil lawsuit (Benson et al. vs. Alpek S.A. DE C.V., et al) was filed in Newport, Tennessee, and it focused on price-fixing and related matters within the polyester fiber industry. Earlier this year the parties involved in the suit agreed to a settlement. Finding that it would be impractical to disburse the settlement proceeds to each individual who may have been affected by the matters at hand, Judge Richard Vance directed the funds be disbursed to an entity that would use the proceeds for public benefit. Plaintiffs’ attorney W. Gordon Ball was gratified by Judge Vance’s decision that Friends of the Smokies would receive these proceeds, a total of $750,000. “With more than nine million people visiting the Smokies each year, there’s no question that Friends of the Smokies will be able to utilize this money to provide a clear and long-lasting public benefit,” said Ball. “We’re happy to help this great organization do even more in the years ahead.” “We are very grateful to Judge Richard Vance and Gordon Ball for their creative approach to the issues at hand, and for turning a contentious issue into a long-term good for America’s most visited national park,” said Jim Hart, President of Friends of the Smokies. Friends of the Smokies plans to invest these monies in their Smokies Fund, a long-term endowment fund that provides annual support for their efforts to preserve and protect the Great Smoky Mountains. “We work very hard to make the best use of every dollar we receive,” added Hart. “Putting the money in the Smokies Fund is a great way to ensure that we have a solid base on which to grow.” “This is about as great a start to the holiday giving season as you could ask for,” said Mark Williams, Chairman of the Board of Directors of Friends of the Smokies. “With the interest earned from putting these monies in our Smokies Fund, we can focus more of our time on raising additional dollars for many new projects that will help protect the Great Smoky Mountains.” Friends of the Smokies is an independent, non-profit organization that helps preserve and protect Great Smoky Mountains National Park. Since 1993, Friends of the Smokies has raised more than $17 million to help support conservation, education, recreation, and other priorities.