Note: Though the article below describes a dissident shareholder's efforts relating to Warwick Valley Telephone Co. (Nasdaq: WWVY) as following the example of the Farmer Bros. Forum, there are some significant differences.  Unlike the Farmer Bros. case (and also the referenced National Presto case), the status of Warwick as an "investment company" subject to SEC regulation under the Investment Company Act of 1940 ("ICA") is complicated by arguments about how to calculate the amounts of the company's securities: the relevant Warwick holdings of securities had a book value of only $5.3 million (9% of the company's $59.5 total assets), as reported in Warwick's 10K annual report for 2003, but a presumably higher market value based on the substantial income generated.  Another difference is that the concentration of Warwick's investments in three securities may prevent qualification as a "diversified company" for regulatory and tax purposes.

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