Gabelli says Earl Scheib obligated to make shareholders aware of Kelly Capital proposal

By Lisa Kerner

Charlotte, N.C., June 30 - Investor Mario Gabelli, in a June 30 letter to Kelly Capital, said Earl Scheib, Inc. has an obligation to make its shareholders aware of Kelly Capital's proposal.

Gabelli said that if management endorses Kelly Capital's bid and makes it part of a free market process, investors led by Gabelli Funds, LLC would vote accordingly.

The letter was included in a schedule 13D filing with the Securities and Exchange Commission.

Gabelli Funds, Gamco Investors Inc. and their affiliates beneficially own 1,657,080 shares, or 37.76%, of the Sherman Oaks, Calif., auto paint and body repair company.

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