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Ron Olin Seeks Removal of Austria Fund Advisor

Ron Olin, chairman and chief executive officer of Deep Discount Advisors of Asheville, N.C., is campaigning for a proxy vote that would fire Alliance Capital Management of New York as advisor to the Austria Fund, according to an SEC filing.

The proposal to terminate Alliance's advisory contract with the fund is in a proxy that will be voted on at the fund's annual meeting on Dec. 15. It was introduced by Olin, who is an independent director of the fund.

Olin is also planning to seek shareholder votes on other issues, the filing said. These include a proposal to open the fund, another to nominate four people for election as independent directors, and five proposals to amend the fund's bylaws, the filing said.

Olin also is trying to obtain shareholder votes on opening the Portugal Fund and on his gaining a seat as an independent director of the fund. (MFMN 10/11/99)

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