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Wednesday, February 22, 2017 11:25:23 AM
Q: What will I receive pursuant to the Plan of Liquidation?
A: Under the Plan of Liquidation, the amount of liquidating distributions will depend on the final amount received from the sale of assets (including those sold in the Asset Sale), the amount of our liabilities, and the expenses associated with the Asset Sale and liquidation and winding up of the Company. We currently estimate that we will receive approximately $400,000 as consideration for the sale of our inventory. In addition, we estimate that our costs and expenses (i) in connection with the Asset Sale to be approximately $150,000, (ii) associated with the payoff of our other pre-closing operating liabilities to be approximately $500,000 and (iii) in connection with the liquidation and winding up of the Company to be approximately $150,000.
I think that the math above comes out to MINUS $400,000. If you then consider the $1 million from the patent rights sale that precedes the liquidation, that leaves the shareholders with $600,000, which divided over 90 million shares is something like .0067, which is a long way south from the .011 that the shares closed on Friday, December 30 right before the news was released about PLY entering the picture.
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