PELT Princeton American Corp. Message Board

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Microcap & Penny Stocks : PELT Princeton American Corp.

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To: Joe T. Kelly who wrote (14)	1/12/1998 1:48:00 PM
From: D. Katz	Read Replies (1) of 19

I have a spare copy of the "ORDER CONFIRMING JOINT PLAN OF REORGANIZATION" regarding Princeton American - the debtor.. Will snail mail to somebody with a scanner who could scan in key points of the reorganization. I am having trouble filtering through the lengthy legalese. Some interesting points. Claim Classification number # and name 1 Adminstative Expense Claims 2 Priority wage Claims 3 Priority Employerr Benefit Claims 4 Priority TaxClaims 5 Property TaxClaims 6 Vanderford Secured Claim 7 DBK SEcured Claim 8 Administrrative Convenience Class 9. General Unsecured Claims 10 Intercompany Claims ("eliminated") 11 Preferred Stock 12 Common Stock 13 Taylor Claims "Classes 5 through 12 are impaired". " Classes 1,2 ,3, and 4 are unimpaired" Class 13 gets 40 percent of all common stock. All allowed Class 11 Preferred Stock Interests shall recieve one common stock share of the Debtor for each preferred.( the legalese was a lot longer.) "Management salaries and director compensation shall not exceed a total of $100,000." "The Reorganized Debtor shall actively pursue merger opportunities, with merger partners who can provide additional capitol.." Dave Katz

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