CRAZY EDDIE <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 <Oppenheimer-Palmieri Fund L.P.> and Entertainment Marketing Inc <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.