Looks like a wait and see here. An area of gray here on acceptance.
As of March 13, 2009, 3,663,390 shares of Class A Common Stock, 4,608,945 shares of Class B
Common Stock and no shares of Preferred Stock were issued and outstanding. As of that date, ABI held 151,100
shares of Class A Common Stock and 4,395,605 shares of Class B Common Stock.
Upon the filing of amended certificates of incorporation in connection with the Effective Date, the
Class A Common Stock, the Class B Common Stock and the Preferred Stock will be eliminated. Congoleum will
have authority to issue only common stock and the Debtors will be prohibited from issuing non-voting capital stock
in accordance with section 1123(a)(5) of the Bankruptcy Code.
(A) Class A Common Stock
The Class A Common Stock is entitled to one vote per share and, generally, votes together with
the Class B Common Stock as a single class. The Class A Common Stock and Class B Common Stock are on parity
on a per share basis with respect to dividend and liquidation rights. The Class A Common Stock will be cancelled
under the Plan.
The Company’s Class A Stock was delisted by Amex on February 19, 2008 because it did not
meet the Amex listing standards for share value, share price, and aggregate market capitalization. The Congoleum
shares are currently traded on the OTC Pink Sheets.
Following the Effective Date, unless otherwise determined by the Plan Proponents in accordance
with applicable law, Congoleum’s common stock will not be publicly traded.
