ALBANY, N.Y.--(BUSINESS WIRE)--Gleacher & Company, Inc. (OTC Pink:GLCH) (the “Company”) announced today that it has filed a certificate of dissolution with the Secretary of State of the State of Delaware, which became effective as of the close of business (5:00 P.M. Eastern Time) today.
Subsequently, the Company’s Board of Directors adopted a plan of distribution authorizing, among other actions, an initial liquidating distribution in the amount of $4.05 per share of the Company’s common stock (approximately $25 million in the aggregate). Stockholders of record as of the time and date that the certificate of dissolution became effective are entitled to receive the distribution. The Company has established August 8, 2014 as the payment date for such distribution.
The Company expects to make one or more additional liquidating distributions to such stockholders of record. However, the Company is unable to predict the amount or timing of any subsequent liquidating distribution, which will depend upon expenses incurred by the Company, the timing of the resolution of matters for which the Company has established reserves, the amount to be paid in satisfaction of contingencies, the Company’s ability to convert its remaining non-cash assets into cash and the ultimate amount of proceeds realized upon the monetization of its non-cash assets, including claims we have made or may make in the future against third parties and the Company’s investment in FATV.
Concurrently with the effectiveness of the certificate of dissolution, the Company also closed its stock transfer books and discontinued recording transfers of shares of its common stock on its books and records. Accordingly, record ownership of the Company’s common stock is no longer assignable or transferable, except for assignments by will, intestate succession or operation of law or transfers otherwise permitted under applicable law. Securities brokers may make a market for beneficial interests in our common stock in the “over-the-counter” market. If so, there can be no assurance regarding the liquidity or duration of any such market.
About Gleacher & Company
Gleacher & Company, Inc. is incorporated under the laws of the State of Delaware.
This press release contains “forward-looking statements.” These statements are not historical facts but instead represent the Company’s beliefs, plans or expectations regarding future events, many of which, by their nature, are inherently uncertain and outside of the Company’s control. The Company’s forward-looking statements are subject to various risks and uncertainties, including the risks and other factors identified herein and in other public disclosures made by the Company from time to time, including disclosures made on the Company’s website. As a result, the Company’s actual results may differ materially from those expressed or implied by these forward-looking statements. Forward-looking statements include, without limitation: statements regarding the dissolution and liquidation of the Company, including the Company’s plans and expectations with regard to liquidating distributions. Forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause our actual actions, performance or achievements to differ materially from the Company’s beliefs, plans or expectations expressed or implied by such forward-looking statements. Although the Company believes that the beliefs, plans or expectations reflected in any forward-looking statements are reasonable, it cannot guarantee future events or results. Except as may be required under federal law, the Company undertakes no obligation to update any forward-looking statements for any reason, even if new information becomes available or other events occur.