NEW YORK--(BUSINESS WIRE)--Gleacher & Company, Inc. (OTC Pink: GLCH) (the “Company”) announced today that the Board of Directors has determined to make a fifth liquidating distribution to Company stockholders in the amount of $0.80 per share of the Company's common stock (approximately $4.95 million in the aggregate). The record date for this distribution is July 18, 2017. The Company anticipates that the payment date will be on or about July 26, 2017. Total liquidating distributions, including this fifth distribution, since the filing of the Company’s Certificate of Dissolution in July 2014 amount to $11.17 per share of the Company’s common stock (approximately $69.1 million in the aggregate). The Company intends to continue to monitor its assets and liabilities and to make further liquidating distributions when advisable and consistent with its legal obligations. Given the ongoing nature of this process, the Company has made no determinations with respect to any schedule for future liquidating distributions.
The amounts distributed to stockholders may be affected by many factors, including the resolution of outstanding known claims and obligations of the Company, the incurrence of unexpected or greater-than-expected losses with respect to contingent liabilities, the assertion of claims that are currently unknown to the Company, the Company’s realizations on selling or otherwise monetizing the Company’s remaining FATV interests and its other non-cash assets, the need to dissolve and wind up each of the Company’s subsidiaries, and costs incurred to wind up our business. As a result of these and other factors, stockholders may receive substantially less than anticipated. Under certain circumstances, stockholders may be required to return liquidating distributions and receive nothing from the Company in the dissolution and liquidation.
The Company also announced that it has determined to seek from the Delaware Chancery Court an extension of the period during which the Company may wind up its affairs under Delaware General Corporation Law, which currently expires on July 28, 2017, through December 31, 2018. The Company believes such time period will provide sufficient time to complete the wind up of the Company’s affairs, which includes the monetization of the Company’s remaining interests in FATV. Such extension is subject to and conditional upon the approval of the Delaware Chancery Court, and there can be no assurance that such approval will be granted. The actual wind up period for the Company may be shorter or longer than requested and, if additional time is needed to complete the wind up of the Company’s affairs, the Company would need to seek an additional extension.
About Gleacher & Company
Gleacher & Company, Inc. is a dissolved corporation 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 belief or plans 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 involve known and unknown risks, uncertainties and other important factors, including the risks and other factors identified herein, on the Company’s website and in other public disclosures made by the Company from time to time. As a result, the Company’s actual actions, performance or achievements or 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 expectations with regard to liquidating distributions. Although the Company believes that the 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.