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Microcap & Penny Stocks : TGL WHAAAAAAAT! Alerts, thoughts, discussion. -- Ignore unavailable to you. Want to Upgrade?

To: Harbie who wrote (104104)	4/26/2002 1:33:11 PM
From: Jim Bishop	Respond to of 150070

LOL GBIXQ " By order entered April 8, 2002 (the "Confirmation Order"), the United States Bankruptcy Court for the District of Delaware confirmed the Company's Amended Joint Prepackaged Plan of Reorganization (the "Plan"). The Plan provides that all currently existing securities of the Company will be cancelled with new securities to be issued as soon as practicable after the effectiveness of the Plan. The Company's bondholders will exchange the currently outstanding $600 million principal amount of senior notes for their pro rata share of $120 million in new senior secured notes and approximately 85% of the reorganized Company's new common stock. Current holders of the Company's preferred stock will receive approximately 14% of the new common stock. Current holders of the Company's common stock will receive approximately 1% of the new common stock. A copy of the Plan as confirmed is filed as Exhibit 2.1 attached hereto and is incorporated herein by reference. freeedgar.com