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Pastimes : Makin' money honey
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To: sandintoes who wrote (1876)11/17/2005 8:49:37 PM
From: stock leader  Read Replies (1) of 2260
 
Via Net.works (VNWI) remember that one???

VNWI once had about $300 mill in debt free cash (about $3.50 per share) on its balance sheet a couple years ago and now they come out with a press releaase saying they are liquidating and shareholders will get .035 for their shares LOL or about $3 mill

Nothing too strange about it though... many dotbombs wasted 100's of millions

"The shares of the Company's preferred stock have a liquidation preference to our common stock. Upon a liquidation, including pursuant to the plan of dissolution, holders of common stock would not receive distributions until the liquidation preference on the preferred stock has been satisfied. The liquidation preference on the shares of preferred stock is equal to the $2.4 million purchase price plus accrued and unpaid dividends. Based on our current estimate of remaining assets that will be available for distribution to common shareholders, after payment of the liquidating preference to the holders of shares of the preferred stock, holders of common stock would receive a final distribution as a liquidating dividend of approximately $.035 per share. The amount of the distribution may be less than this estimate depending upon the nature and amount of any claims that might arise in the course of the plan of dissolution, the amount of a reserve against the remaining assets that is determined to be appropriate for claims, including contingent and unmatured claims and the time required to complete the plan of dissolution.
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