Acually, not too bad for creditors and it looks like shareholders will probably get something. It's certainly a lot better than what's going on with Dataplay.
Comdisco's First Amended Plan of Reorganization became effective on August 12, 2002 and the company emerged from Chapter 11 on that day. The newly emerged company is called Comdisco Holding Company, Inc. Ronald C. Mishler serves as chairman and chief executive officer of the new company. Four new directors replace the former members of the board of directors. (See Executive Profiles and Board of Directors sections.)
Comdisco's amended Plan of Reorganization was approved by the United States Bankruptcy Court for the Northern District of Illinois on July 30, 2002 after having received the affirmative vote of more than 98 percent of the creditors and shareholders who voted on the Plan. Both Comdisco's Official Committee of Unsecured Creditors and Equity Committee also supported confirmation of the Plan.
The Plan provides for an up to three-year orderly runoff or sale of the company's remaining assets. The distribution of the net proceeds realized from such runoff or sale, and the cash accumulated to date, is anticipated to result in an approximately 90 percent recovery to creditors. Comdisco made an initial distribution to its stakeholders on September 30, 2002. Furure distributions are expected to be made on a quarterly basis or more frequently, if appropriate.
Former common stockholders will share in the net proceeds realized, beginning at 3 percent of the remaining net proceeds once creditors reach 85 percent recovery, and scaling up to a 37 percent recovery of any remaining net proceeds once the creditors realize 100 percent on their claims.
The company's new common stock trades on the NASD OTC Bullentin Board and The Pink Sheets under the symbol CDCO. The contingent distribution rights trade on the NASD OTC under the symbol CDCOR.
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