Friday May 18, 12:25 pm Eastern Time
Press Release
LBP, Inc. Announces Approval of Plan of Liquidation and Gives Indication of First Liquidating Dividend
WHITE PLAINS, N.Y.--(BUSINESS WIRE)--May 18, 2001--LBP, Inc. (OTC Bulletin Board: LBPI - news) announced that, at its Annual Meeting held on May 16, 2001, stockholders approved the Plan of Liquidation previously adopted by the Board of Directors.
The Board instructed management to immediately begin the dissolution and liquidation process in accordance with Delaware law. In this connection, the Board approved an initial liquidating distribution in the approximate amount of $5.50 per share, subject to the Plan of Liquidation and compliance with Delaware law.
The time for payment of the initial distribution is determined by the dissolution requirements of Delaware law. Although the dissolution procedure could delay payment for up to 8 months, the Company will request the Delaware Chancery Court to permit payment of the initial liquidating distribution at an earlier date.
LBP's book value per share at March 31, 2001 was $5.81.
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Contact:
LBP, Inc., White Plains
Leigh J. Abrams, President & CEO
(914) 421-2545
I bought this years ago at a big discount to cash. This is a welcomed development.
I expect the $5.50 soon and then the other 31 cents within a year. |
