On May 16, 2001, the Board of Directors determined that an interim
liquidation distribution in the amount of approximately $27,500,000, equivalent
to $5.50 per share (the "Interim Distribution") would be made to stockholders
subject to approval of the Court of Chancery of the State of Delaware. On July
2, 2001, the Company petitioned the Delaware Court of Chancery seeking an order
authorizing the Interim Distribution. A preliminary hearing was held on July 23,
2001. On August 3, 2001, the Company mailed and published Notices of Dissolution
in accordance with the requirements of Section 280 of the Delaware General
Corporation Law. Any person asserting a claim against the Company is required to
present such claim on or before September 24, 2001.
As required by the Chancery Court, subsequent to September 24, 2001, the
Company will request a hearing on its petition authorizing the Interim
Distribution. At this time, the Company cannot predict whether, or to what
extent, the Chancery Court will authorize the Interim Distribution.
Net assets in liquidation (note 1) $28,834
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Number of common shares outstanding 5,004
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Net assets in liquidation per share $ 5.76
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