An investigation on behalf of current investors in Limco-Piedmont Inc. (NASDAQ: LIMC) over potential breaches of fiduciary duty and other violations of state law by the board of directors of Limco-Piedmont, Inc. arising out of their attempt to sell the Limco-Piedmont Inc. to TAT Technologies, Ltd ( NASDAQ: TATTF) was announced.

Under the terms of the propsoed merger agreement, Limco-Piedmont Inc's stockholders (NASDAQ: LIMC) will receive one half of an ordinary share of TAT Technologies, LTD for each share of Limco-Piedmont common stock (NASDAQ: LIMC) they own, or approximately $2.37 for each LIMC share per TAT Technologies, Ltd ( NASDAQ: TATTF) share price on April 3, 2009. According to the investigation by a law firm the transaction is unfair, given that, among other things, Limco-Piedmonts shares LIMC traded above $2.37 per share as recently as March 13, 2009. Furthermore, so the investigation, as of Dec. 31, 2008, Limco-Piedmont had $21.3 million in cash, or approximately $1.61 per share, and a book value of over $5.04 per share and currently, TAT Technologies, Ltd currently owns 61.8% of Limco-Piedmont's common stock LIMC.