Gleacher & Company Announces Filing of Certificate of Dissolution
Announces initial liquidating distribution, record date, payment date
ALBANY, N.Y. -- July 28, 2014
Gleacher & Company, Inc. (OTC Pink:GLCH) (the “Company”) announced today that
it has filed a certificate of dissolution with the Secretary of State of the
State of Delaware, which became effective as of the close of business (5:00
P.M. Eastern Time) today.
Subsequently, the Company’s Board of Directors adopted a plan of distribution
authorizing, among other actions, an initial liquidating distribution in the
amount of $4.05 per share of the Company’s common stock (approximately $25
million in the aggregate). Stockholders of record as of the time and date that
the certificate of dissolution became effective are entitled to receive the
distribution. The Company has established August 8, 2014 as the payment date
for such distribution.
The Company expects to make one or more additional liquidating distributions
to such stockholders of record. However, the Company is unable to predict the
amount or timing of any subsequent liquidating distribution, which will depend
upon expenses incurred by the Company, the timing of the resolution of matters
for which the Company has established reserves, the amount to be paid in
satisfaction of contingencies, the Company’s ability to convert its remaining
non-cash assets into cash and the ultimate amount of proceeds realized upon
the monetization of its non-cash assets, including claims we have made or may
make in the future against third parties and the Company’s investment in FATV.
Concurrently with the effectiveness of the certificate of dissolution, the
Company also closed its stock transfer books and discontinued recording
transfers of shares of its common stock on its books and records. Accordingly,
record ownership of the Company’s common stock is no longer assignable or
transferable, except for assignments by will, intestate succession or
operation of law or transfers otherwise permitted under applicable law.
Securities brokers may make a market for beneficial interests in our common
stock in the “over-the-counter” market. If so, there can be no assurance
regarding the liquidity or duration of any such market.
About Gleacher & Company
Gleacher & Company, Inc. is incorporated under the laws of the State of
This press release contains “forward-looking statements.” These statements are
not historical facts but instead represent the Company’s beliefs, plans or
expectations regarding future events, many of which, by their nature, are
inherently uncertain and outside of the Company’s control. The Company’s
forward-looking statements are subject to various risks and uncertainties,
including the risks and other factors identified herein and in other public
disclosures made by the Company from time to time, including disclosures made
on the Company’s website. As a result, the Company’s actual results may differ
materially from those expressed or implied by these forward-looking
statements. Forward-looking statements include, without limitation: statements
regarding the dissolution and liquidation of the Company, including the
Company’s plans and expectations with regard to liquidating distributions.
Forward-looking statements involve known and unknown risks, uncertainties and
other important factors that could cause our actual actions, performance or
achievements to differ materially from the Company’s beliefs, plans or
expectations expressed or implied by such forward-looking statements. Although
the Company believes that the beliefs, plans or expectations reflected in any
forward-looking statements are reasonable, it cannot guarantee future events
or results. Except as may be required under federal law, the Company
undertakes no obligation to update any forward-looking statements for any
reason, even if new information becomes available or other events occur.
Gleacher & Company, Inc.
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