I received a letter dated 12/05/2008 from my brokerage account regarding "participating in this offer from Ampex". The letter from Ampex stated:
Pursuant to the CPR Administrator Rights Notice dated, 11/17/2008, holders of record as of 7/31/2008, who continued to hold shares of class A common stock, par value $0.01 per share as of 10/2/2008, may be eligible to receive a Distribution Rights.
Originally under the Plan of Reorganization dated 7/31/2008. holders of the cancelled common stock were not entitled to receive any distribution under the Plan on account of their interests.
However, as a result of the compromises and settlements...., because you held common stock as of 7/08/2008, if you did not reject the plan, you may be eligible to receive a distribution right, which will entitle you to receive your pro rate % of a portion of certain future net cash proceeds, if any, from certain licensing and other monetization initiatives related to the debtor's Intellectual Property, in excess of specified amounts.
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IN ORDER TO RECEIVE THE DISTRIBUTION RIGHTS TO WHICH YOU ARE ENTITLED, RECORD DATE HOLDERS MUST SURRENDER THEIR COMMON STOCK ON OR PRIOR TO JANUARY 31, 2009.
Has anyone also received the above letter from Ampex? I would appreciate anyone thoughts and comments before my deciding what I'm going to do on this matter since I have not been keeping up on Ampex lately. As I recall, wasn't there an Ampex settlement to also make an initial distribution to common stockholders as part of the compromise settlement? Anyone recall what that initial distribution amount was suppose to be at the time of the negotiation. Thanks for your thoughts and comments |
