Pursuant to the Confirmation Order, the Plan has been confirmed, is enforceable and will take effect within the next two weeks (the "Effective Date"). Under the Plan, the holders of Class 5 Equity Interests will receive no distribution on account of their shares. On the Effective Date, all Equity Interests will be extinguished. There will be no amounts or other property distributed to common stockholders of the Registrant. The Plan further provides that on the Effective Date, the current officers and directors shall be deemed to have resigned and the Liquidating Trustee, Theodore Gavin, shall be the sole officer and director of the Registrant.
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