ROTI: new shell, SEC reporting
As of March 31, 2000, 11,625,560 shares of the Registrant's common stock
were outstanding.
As of December 26, 1999, Tanner's Restaurant Group, Inc., through its
subsidiaries, owned seven restaurants and franchised one restaurant operating
under the name "Rick Tanner's Original Grill." We also owned one restaurant
operating under the name "Crabby Bob's Seafood Grill." In January 2000, the
Company's wholly-owned subsidiary, Hartan, Inc., and six of Hartan's
subsidiaries filed voluntary bankruptcy petitions under Chapter 11 of the United
States Bankruptcy Code. Hartan and these six subsidiaries owned substantially
all of the assets used in the operation of our restaurants. On February 10,
2000, the Bankruptcy Court approved the sale of substantially all of the assets
of Hartan and its subsidiaries to Restaurant Teams International, Inc. ("RTI").
All proceeds from the sale were paid to the creditors of Hartan and its
subsidiaries. As a result of the sale, we no longer own, operate or franchise
any restaurants, and we no longer have any operating assets. |
