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Biotech / Medical : GUMM - Eliminate the Common Cold -- Ignore unavailable to you. Want to Upgrade?

To: Eric Fader who wrote (3357)	11/27/2000 4:58:56 PM
From: Sir Auric Goldfinger	Read Replies (1) \| Respond to of 5582

Buy more! It's cheaper, schmuck.

To: Eric Fader who wrote (3357)	11/27/2000 5:05:46 PM
From: StockDung	Respond to of 5582

Judge Approves CRIIMI MAE Plan to Pay OffCreditors and Emerge From Bankruptcy ROCKVILLE, Md., Nov. 27 /PRNewswire/ -- Judge Duncan W. Keir of the United States Bankruptcy Court for the District of Maryland, Greenbelt Division, has signed an order confirming the plan of reorganization under which CRIIMI MAE Inc. (NYSE: CMM) and two affiliated companies will emerge from bankruptcy. The order provides for an effective date for the reorganization of no later than March 15, 2001, unless the parties and the court agree to extend the date or the court itself extends the date. Despite the March 15, 2001 date, the parties are working to complete all operative documents as soon as possible. The company's emergence from bankruptcy is subject to the completion and execution of documents for the recapitalization financing to be provided by the company's unsecured creditors and two major secured creditors, Merrill Lynch Mortgage Capital Inc. (Merrill Lynch) and German American Capital Corporation (GACC). The confirmed reorganization plan provides for the payment of all allowed claims of secured and unsecured creditors in full. The plan calls for paying the creditors through recapitalization financing of approximately $847 million, consisting of approximately $267 million of secured financing from Merrill Lynch and GACC, approximately $161 million of secured financing from certain existing unsecured creditors and approximately $419 million of proceeds from already completed sales of commercial mortgage-backed securities. More information on CRIIMI MAE is available on its web site -- criimimaeinc.com -- or for investors, call Susan Railey, 301-468-3120, or for news media, call Jim Pastore, 202-546-6451. Note: Except for historical information, forward-looking statements contained in this release involve a variety of risks and uncertainties. These risks and uncertainties include the continued uncertainty of the capital markets; the ability of the Company to obtain recapitalization financing as contemplated by the Company's plan of reorganization; the ability of relevant parties to finalize and execute constituent and operative documents called for by the Company's plan of reorganization, including with respect to the recapitalization financing; the trends in the CMBS market; competitive pressures; the effect of future losses on the Company's need for liquidity; the effectiveness and consummation of the Company's plan of reorganization; the effects of the bankruptcy proceeding on the Company's ongoing business; the actions of CRIIMI MAE's creditors and equity security holders; the possibility that the Company's trader election may be challenged on the grounds that the Company is not in fact a trader in securities or that it is only a trader with respect to certain securities and that the Company will, therefore, not be able to mark-to-market its securities, or that it will be limited in its ability to recognize certain losses, resulting in an increase in shareholder distribution requirements with the possibility that the Company may not be able to make such distributions or maintain REIT status; the likelihood that mark-to-market losses will increase and decrease due to changes in the fair market value of the Company's trading assets; the possibility that the Series G Dividend Preferred Stock will not eliminate any or all of the Company's 1999 tax liability or satisfy its REIT distribution requirements; and the outcome of litigation to which the Company is a party, as well as the risks and uncertainties that are set forth in the Company's disclosure statement, and from time to time in the Company's SEC reports, including its Annual Report on Form 10-K for the year ended December 31, 1999 and its Quarterly Report on Form 10-Q for the quarter ended September 30, 2000. SOURCE CRIIMI MAE Inc. CO: CRIIMI MAE Inc.; Merrill Lynch Mortgage Capital Inc.; German American Capital Corporation ST: Maryland IN: FIN SU: LAW BCY RCN 11/27/2000 15:41 EST prnewswire.com