Soapstone Networks Inc. (fka SOAP)

[cantgetmyname]

They paid out .76/ per share yesterday and dissolved the company it looks like. Play the bounce if you have the cajones.


http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=7146593

The Board of Directors of Soapstone Networks Inc. (the “ Company ”) has declared a liquidating distribution of $0.76 per share of the Company’s common stock, or $11.7 million in the aggregate. The Board of Directors declared this distribution after the Delaware Chancery Court granted the Company’s petition to approve this shareholder distribution pursuant to its Plan of Liquidation and Dissolution.

The Company will make this distribution on April 7, 2010 to all stockholders of record as of the close of business of July 31, 2009, including to the Depository Trust Company, which is the entity that holds the Company’s common stock for stockholders who own shares through a broker. As previously disclosed, the Company closed its stock record books on July 31, 2009, and the Board of Directors fixed July 31, 2009 as the record date for determining the Company stockholders who are entitled to receive any distributions of available assets.

In connection with the Company’s announcement of this liquidating distribution, FINRA established an “ex-date” of April 8, 2010. An “ex-date” is a date on which a security is traded without a previously declared dividend or distribution. As a result, the payment that the Company will remit to the Depository Trust Company on April 7, 2010, which pertains to the shares owned by investors in street name, will be distributed by the Depository Trust Company to eligible brokers to allocate to client accounts based on the ownership of the Company’s common stock as of the close of business on April 7, 2010.

This liquidating distribution represents a partial distribution of the funds remaining at the Company, which filed a certificate of dissolution with the Secretary of State of the State of Delaware on July 31, 2009. The Company’s petition with the Delaware Chancery Court also approved that the remainder of the Company’s assets will be reserved for the payment of the Company’s ongoing liquidation expenses over the more than two years remaining in the Company’s dissolution process. After this liquidating distribution, the Company’s assets will consist of $0.7 million of cash and cash equivalents. The Company expects to analyze the estimates of its liquidation expenses on an ongoing basis, and determine whether further distributions of assets to its stockholders are appropriate at such times. The Company cannot currently determine whether any further distributions of assets to its stockholders will occur or the timing of any such distributions if one ever takes place.