IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE
IN AND FOR NEW CASTLE COUNTY
IN THE M,4TTER OF 8
EC MONT CORPORATION,
a dissolved Delaware corporation,
Petitioner.
VERIFIED PETITION UNDER 8 DEL. C,. 0 280
Egrnont Corporation, a dissolved Delaware corporation ("Egmont" or the "Company"),
hereby petitions this Court pursuant to 8 DeZ.C. $280(c)(3) to determine the amount and form of
security that will be reasonably likely to be sufficient to provide compensation for claims that
have not been made known to the Company or that have not arisen but that, based on facts
known to the Company, are likely to arise or to become known to the Company within five years
after the date of its dissolution. In support of its petition, the Ccimpany respectfully shows as
follows:
1. The Company was incorporated in Delaware in October 1955 to engage in oil and
gas exploration, production and development. The principal office of the Company is located at
200 River Pointe Drive, Suite 200, Conroe, Texas 77304-2814.
2. On November 10, 1996, Ling Chieh Kung ("Kung') died. At his date of death,
Krng was the sole stockholder of Lowell Corporation, a Delaware corporation and the
predecessor of Egmont. The Estate of Kung, Deceased, is the sole stockholder of Egmont.
Egraont is the sole stockholder of Westland Oil Development Corporation, a dissolved Delaware
SNIPPETS:
IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE
VERIFIED PETITION UNDER 8 DEL.
Egrnont Corporation, a dissolved Delaware corporation ("Egmont" or the "Company"),
hereby petitions this Court pursuant to 8 DeZ.C.
200 River Pointe Drive, Suite 200, Conroe, Texas 77304-2814.
The Estate of Kung, Deceased, is the sole stockholder of Egmont.
Egraont is the sole stockholder of Westland Oil Development Corporation,
dissolution of the Company pursuant to 5 275 of the Delawam General Corporation Law
In December 1'398 and January 1999, all of the Company's oil and gas assets
its trade pa.yables in the ordinary course of business; paid its employees; and paid the
All actions pending against the Company have been dismissed or are fully
the Plan provides that claims will be paid in proportilan to the amount each claim
bears to the assets legally availiable for payment, subject to any security required by the
b'zing the s,itus of the Company's principal place of business), in the Daily Court Review
County, Texas being the location of many of the persons with whom the Company has transacted
notice is attached hereto as Exhibit A. A true and correct copy of The Daily Couvt Review
§280(the "Contingent Claimants"), has waived receipt of such notice.
The Company has no adequate remedy at law.
The Company has given notice in accordance with 8 De1.C.
SWORN TO AND SUBSCRIBED before me this II-0279204.01
for staid county and State Afena McLauafilin Publisher of the Conroe Courier
A newspaper, of general circulation in the County of S t a t e o
Egrnont Corporation tiled a Certificate ofDissolu tion with the Secretary of State of
All inquiries should be directed to Eddy J. Scott, Jr., President, at 4109-441-9550.
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