Boulder Growth & Income Fund, Inc. Reports
Filing of Derivative Lawsuit
April 21, 2010 05:02 PM Eastern Daylight Time
BOULDER, Colo.--(EON: Enhanced Online News)--Boulder Growth & Income Fund, Inc. (the “Fund”), a
closed-end investment company traded on the New York Stock Exchange (NYSE:BIF), announced today that a
derivative lawsuit was filed on April 14, 2010, in the United States District Court for the District of Colorado against
the Fund and its board of directors (the “Board’). The complaint alleges, among other things, that the Board
breached its fiduciary duty when, after the Fund conducted a successful rights offering in June of 2008, it suspended
the Fund’s level-rate distribution policy in early November 2008. The Fund and the Board believe the claims are
without merit and they will defend the case vigorously.
In November 2008, when the Board considered in its decision to suspend the distribution policy, it analyzed a
number of factors, not the least of which included the stock market decline and the then-recent unprecedented
economic events. During 2008, the Fund ranked #1 in the Lipper Closed-End Equity Fund Performance Analysis
for Core Funds for the 1-Year Ended December 31, 2008, and #1 in the same group for the 5-Years Ended
December 31, 2008.
Stephen Miller, the Fund’s president, said, “The matter has been turned over to counsel and the Fund will continue
to focus on our more important business of investing."
About the Fund
Boulder Growth & Income Fund, Inc. (the “Fund”), is a non-diversified, closed-end management company
organized as a Maryland corporation and is registered with the Securities and Exchange Commission under the
Investment Company Act of 1940, as amended. For more information about the Fund, please visit the following
This press release may contain forward-looking statements, which are made pursuant to the safe harbor provisions
of the Private Securities Litigation Reform Act of 1995.