OBDE
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Obsidian Enterprises, Inc. Receives Notice of Intent to go Private
Friday March 11, 11:06 am ET
INDIANAPOLIS, March 11 /PRNewswire/ -- Obsidian Enterprises, Inc. announced today it has received a 13(d) filing of Timothy S. Durham, Chairman and CEO, Terry Whitesell, President and COO and Jeff Osler, Senior Vice President and Treasurer, and their related affiliates, of their intent to pursue any number of various transactions to take Obsidian Enterprises, Inc. private.
Specifically the 13(d) states "Based upon the recent financial performance of the Issuer and the financial and administrative burdens of compliance with the Sarbanes-Oxley Act of 2002, the Reporting Persons are currently exploring, and may propose, a transaction which would result in the Issuer becoming a private company (a 'Transaction'). Any Transaction would be intended to bring the total number of the Issuer's shareholders to under 300 and enable the Issuer to deregister its common stock and terminate all reporting obligations under the Securities Exchange Act of 1934. The Reporting Persons are currently evaluating various structures for such a Transaction, and such structures may include the Reporting Persons proposing to the Issuer a reverse stock split or a merger of the Issuer and a newly formed entity owned by the Reporting Persons in which shareholders of the Issuer other than the Reporting Persons would receive cash in exchange for their shares of the Issuer. At this time, no party, including any Reporting Person, is legally obligated to propose or engage in any Transaction and, upon the completion of their evaluation, the Reporting Persons may determine not to propose or engage in a Transaction at any time in the foreseeable future or may determine to propose or engage in any number of alternative Transactions."
Obsidian Enterprises, Inc., is a publicly-traded (OTC Bulletin Board: OBDE - News) holding company headquartered in Indianapolis, Indiana. Obsidian invests in small- and mid-cap companies in basic industries such as manufacturing and transportation. Obsidian's subsidiaries include Danzer Morrison, Pyramid Celebrity Coaches, United Trailers, U.S. Rubber Reclaiming and Classic Manufacturing. For more information on Obsidian Enterprises, call (317) 237-4122 or visit obsidianenterprises.com .
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Source: Obsidian Enterprises, Inc |
