From the Filing...
Immediately prior to the confirmation of the Plan, Vion had 60,000,000 authorized shares of common stock, $0.01 par value per share, of which 8,054,519 were issued and outstanding as of April 5, 2010, and 5,000,000 authorized shares of preferred stock, none of which were issued or outstanding. As a result of the Plan becoming effective, all of Vion’s outstanding shares of common stock will be cancelled without consideration as of the Effective Date and have no value. No shares are being reserved for future issuance in respect of claims and interests filed or allowed under the Plan; provided, however, the Liquidating Trustee will receive and hold one share of the common stock for the purpose of maintaining Vion’s corporate existence pending dissolution. Therefore all of the existing equity interests, including common stock, of Vion are worthless, and there is no value to the conversion rights of Vion’s convertible debt.
Assets and Liabilities
In its most recent monthly operating report filed with the Court on March 22, 2010, Vion reported assets of $13,808,535 and liabilities of $66,563,236 as of February 28, 2010.
Item 3.03 Material Modification to the Rights of Security Holders
Pursuant to the Plan, all outstanding equity interests of Vion, including but not limited to all outstanding shares of common stock, options, warrants or contractual or other rights to acquire any equity interests, are cancelled and extinguished on the Effective Date.
In addition, on April 8, 2009, the Company filed a cease trading request with the Financial Industry Regulatory Authority. Accordingly, Vion’s common stock will cease trading and be removed from the OTC quotation systems list.
After filing this Current Report on Form 8-K, Vion will file a Form 15 with the Securities and Exchange Commission to deregister its common stock under Section 12(g) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Vion’s reporting obligations under the Exchange Act will consequently be terminated and suspended.
