from an email dated today...:
COPI was our parent company. See the November 17, 2003 article below for details of COPI.
Crescent Operating updates value of expected stock issuance
Fort Worth-based Crescent Operating Inc., which filed for Chapter 11
bankruptcy protection in March, has updated its estimate of the possible
range of the value of Crescent Real Estate Equities Co. (NYSE:CEI)
common shares. The shares are to be issued to Crescent Operating
stockholders following confirmation of the company's bankruptcy plan.
The plan is still awaiting approval from the bankruptcy court.
The company estimates that the value of the distribution to stockholders
(in CEI shares) upon successful completion of its prepackaged bankruptcy
transactions will be in the range of 20 to 30 cents per share of
Crescent Operating common stock. Its previous estimate was in the range
of 20 to 50 cents, said Jeffrey L. Stevens, a spokesman for Crescent Operating.
In March, shareholders voted to approve a prepackaged liquidation plan
to clear up issues with the troubled Crescent Real Estate Equities Co. subsidiary.
The subsidiary was created in 1997 to manage the properties of Crescent
Real Estate Equities, a real estate investment trust, or REIT, based in
Fort Worth. The subsidiary was created at a time in which federal laws
forbade REITs from operating properties they own. Since then, those
rules have largely been lifted
.......According to the Great Pumpkin, ".....You're in .....iHub....., Charlie Brown....."!!!
.......According to the Great Pumpkin, ".....You're in .....iHub....., Charlie Brown....."!!!
