Well I was searching around today and low and behold found some news for one of your picks AETTQ that you might be interested in :)
Damn you all are lucky my broker didn't have stock or I would have shorted 12 million of this baby...SEE YOU AT $0.0000!!! Good pick Mexy!
Alliance Entertainment Corp. Files Disclosure Statement
and Plan of Reorganization with Bankruptcy Court
PR Newswire - May 21, 1998 14:33
AETTQ %ENT %RCN V%PRN P%PRN
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NEW YORK, May 21 /PRNewswire/ -- Less than a year after filing Chapter 11, Alliance
Entertainment Corp. (OTC Bulletin Board: AETTQ) announced that it has filed its Disclosure
Statement and Plan of Reorganization with the Bankruptcy Court in the Southern District of New
York. Following a hearing expected to occur in late June on the adequacy of the Disclosure
Statement, Alliance will commence the solicitation of votes for approval of its Plan of
Reorganization.
"The Company has worked very hard over the last 10 months to bring this process to a timely and
successful conclusion. We have made the hard decisions and taken the necessary steps to
consolidate our operations and return the Company to profitability. We have met the operating goals
set forth in our long-range business plan and expect to continue to do so. We have positioned the
Company to take advantage of the current rebound in the conventional retail music market, and the
growth of new emerging channels of distribution, most significantly the Internet. We are confident
that with creditor approval and confirmation of the plan, we will emerge from Chapter 11 by the end
of the summer a smaller, but considerably stronger operation with a bright, new future," said Eric
Weisman, Alliance's president and chief executive officer.
The newly reorganized Alliance Entertainment will become a private corporation, with nearly all
equity in the Company to be held by a syndicate of banks led by The Chase Manhattan Bank, as
agent. Under the terms of the Plan, the Company's existing common stock will be canceled and
shareholders in the Old Alliance Entertainment will receive no distribution, either in cash or common
stock in the new Company.
Alliance Entertainment Corp. is the largest wholesaler of prerecorded music and related products.
Alliance Entertainment Corp. and certain of its subsidiaries voluntarily filed to reorganize under
Chapter 11 on July 14, 1997. The Company currently employs approximately 800 people in the
United States and Canada and maintains headquarters in Coral Springs, Fla.
Forward-looking statements herein are made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. These forward-looking statements can generally be
identified as such because the context of the statement will include words such as the Company
"believes," "expects," "anticipates," or words of similar import. Similarly, statements that describe the
Company's future plans, objectives, estimates or goals are forward-looking statements. There are
certain important factors that could cause results to differ materially from those anticipated by
forward-looking statements made herein. Investors are cautioned that all forward-looking statements
involve risks and uncertainty.
SOURCE Alliance Entertainment Corp.
/CONTACT: Ann Julsen or Brenda Adrian of Sitrick And Company,
310-788-2850/
Boob in pain from laughing soooooo hard. |
