AccountAbilities Nixes Tilden Agreement

Citing a material breach, financial staffing and marketing services concern AccountAbilities has terminated its planned asset purchase and reorganization pact with automotive franchiser Tilden Associates Inc. and TFP Associates, a spinoff company controlled by Tilden chairman Robert Baskind. AccountAbilities said that, among other things, Tilden did not file its annual report on time, which subsequently resulted in Tilden's stock being delisted from the OTC exchange. Under the terms of the pact, Tilden would have acquired the assets of AccountAbilities for 12.5 million shares of its stock -- valued roughly at $18.7 million. Following the close of the deal, there was to be a 1-for-25 reverse stock split, representing about 96 percent of Tilden's shares. Allan Hartley, president of Accountabilities, said that his company would shop around for similar agreements such as the one with Tilden.