CRAZY EDDIE &lt;CRZY.O> AMENDS SHAREHOLDER RIGHTS
  Crazy Eddie Inc said its board of
  directors amended the company's shareholder rights plan in
  moves it said were designed to preserve stockholder protection
  and provide flexibility to the plan.
      Yesterday, Crazy Eddie agreed not to oppose a slate of
  candidates to its board proposed by the Committee to Restore
  Stockholder Value, a shareholder group led by the
  &lt;Oppenheimer-Palmieri Fund L.P.> and Entertainment Marketing
  Inc &lt;EM>, that has been seeking to oust current management.
      Crazy Eddie said the new amendments limit future amendments
  to the plan, modify the definition of "continuing directors"
  and permit amendment or termination of the plan with the
  consent of the company's shareholders if there are no
  continuing directors in office or the approval of at least
  three such directors cannot be obtained.
      The company also said it approved a certificate of
  designation with respect to its 4.5 mln shares of authorized,
  but previously undesignated and unissued shares of preferred
  stock and adopted an employee stock ownership plan.
      Crazy Eddie also that it requested that the shareholder
  group make a commitment not to take the company private until
  Crazy Eddie has had a chance to recover from current financial
  difficulties, a committment that the group rejected.
      Crazy Eddie said it will hold its annual shareholders
  meeting on November 6.
  

