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We KNOW what will happen. The common stock

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1manband   Sunday, 11/15/15 03:39:49 PM
Re: 98040 post# 1993
Post # of 2024 
We KNOW what will happen. The common stock will be cancelled without payment to common shareholders. The common stock is worthless. This should be clear - the recent 8-K confirms it:

Item 1.03. Bankruptcy or Receivership.

As previously disclosed in a Current Report on Form 8-K filed by Seal123, Inc. (formerly known as The Wet Seal, Inc.) (the “Company”) on January 16, 2015 and in subsequent Current Reports on Form 8-K filed by the Company thereafter, on January 15, 2015, the Company and its three subsidiaries (collectively with the Company, the “Debtors”) filed voluntary petitions in the United States Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”) seeking relief under Chapter 11 of Title 11 of the United States Code (the “Bankruptcy Code”). The Chapter 11 cases are being administered under the caption “In re Seal123, Inc., et al.”, Case Nos. 15-10081-10084.

On October 30, 2015, the Bankruptcy Court entered an order (the “Confirmation Order”), attached hereto as Exhibit 99.1, confirming the First Amended Joint Plan of Liquidation of Seal123, Inc. and Subsidiary Debtors and Their Official Committee of Unsecured Creditors (the “Plan”), which was filed with the Bankruptcy Court on September 8, 2015. A copy of the confirmed Plan is attached as Exhibit A to the Confirmation Order. The Plan is presently anticipated to become effective on or around December 31, 2015.

Summary of the Material Features of the Plan

The following is a summary of the material features of the Plan. This summary highlights only certain substantive provisions of the Plan and is not intended to be a complete description of the Plan. This summary is qualified in its entirety by reference to the full text of the Confirmation Order and the Plan, which are attached hereto as Exhibit 99.1 and incorporated by reference herein.

On the effective date of the Plan, among other things, (i) all of the Company’s existing equity securities, including its existing common stock, will be cancelled (with no payments being made in respect thereof) and the Company will be dissolved automatically pursuant to the terms of the Plan, (ii) the Company will file a Certificate of Dissolution with the Secretary of State of the State of Delaware to formally extinguish the Company’s corporate existence with the State of Delaware, and (iii) the Company will file a Certification and Notice of Termination of Registration on Form 15 with the Securities and Exchange Commission to terminate the registration of its securities under Section 12(g) of Securities Exchange Act of 1934, as amended.


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