SHSNQ ( .002 )Shearson Financial Network Inc. Emerges From Bankruptcy PR Newswire "US Press Releases "
SAN FRANCISCO , May 7 /PRNewswire-FirstCall/ -- Shearson Financial Network Inc. , a financial services holding company that conducted diversified mortgage banking and brokering operations (Pink Sheets: SHSNQ), announced today that it successfully emerged from bankruptcy on May 7, 2009 . On February 25, 2009 the United States Bankruptcy Court "Confirmed" Shearson's First Amended Joint Plan of Reorganization.
Mr. Harry R. Kraatz, the newly appointed Chairman and Chief Executive Officer of Shearson, stated that, "The Plan was overwhelmingly supported by the Company's creditors and it represented a comprehensive and fair proposal for the treatment of outstanding claims. No objection to confirmation of the Plan was made."
Greg Garman, bankruptcy counsel with the law firm of Gordon Silver said, "In these challenging times it was encouraging to work with Shearson and its creditors to get the company restructured and out of bankruptcy within a matter of months."
Shearson Financial Network Inc. is a financial services holding company that conducted diversified mortgage banking and brokering operations and is a provider of both traditional and online mortgage services to a diversified customer base consisting of mortgage lenders, mortgage brokers, real estate agents and consumers.
Safe Harbor
Certain statements and information included in this press release constitute "forward-looking statements" within the meaning of the Federal Private Securities Litigation Reform Act of 1995. They reflect, when made, the Companies' current views with respect to current events and financial performance, and are and will be, as the case may be, subject to many risks, uncertainties and factors relating to the Companies' operations and business environment which may cause the actual results of the Companies to be materially different from any future results, express or implied, by such forward-looking statements. The Companies intend that such forward-looking statements be subject to the Safe Harbor created by Section 27(a) of the Securities Act of 1933 and Section 21E of the Securities and Exchange Act of 1934. The words and phrases "expect", "estimate", "anticipate" and similar expressions identify forward-looking statements. Certain factors that could cause actual results to differ materially from these forward-looking statements include, but are not limited to, the following: the ability of the Companies to continue as a going concern; court approval of the Companies' first day papers and other motions prosecuted by them from time to time; the ability of the Companies to develop, prosecute, confirm and consummate one or more plans of reorganization with respect to the chapter 11 cases; risks associated with third parties seeking and obtaining court approval to terminate or shorten the exclusivity period for the Companies to propose and confirm one or more plans of reorganization, for the appointment of chapter 11 trustees or to convert the cases to chapter 7 cases; the ability of the Companies to obtain trade credit, and shipments and terms with vendors and service providers for current orders; the Companies' ability to maintain contracts that are critical to their operations; potential adverse developments with respect to the Companies' liquidity or results of operations; the ability to fund and execute its business plan; the ability to attract, retain and compensate key executives and associates; and the ability of the Companies to attract and retain customers. Additional discussion of factors that could cause the actual results to differ materially from management's projection, forecasts, estimates and expectations is contained in the Companies' Form 10-K and other SEC filings. The Companies disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Contact: Jim Newman, 415-388-1500
SOURCE Shearson Financial Network Inc.
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