 |
 |
|
|
|
|
|
|
|
| | | |
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
1
.
VERIFIED PETITION FOR APPROVAL OF LIQUIDATING TRUST FOR DISSOLVED CORPORATION
|
EXTRACTED KEY WORDS
LIQUIDATING TRUST DISSOLUTION DISSOLUTION PLAN PETITION COURT DELAWARE EXHIBIT HERETO FUNDS APPROVE UMB BANK INDENTURE TRUSTEE AUTHORIZATION CONFIRMATION EXISTENCE WINDDOWN EXPENSES PARAGRAPH DISTRIBUTION SWORN CHANCERY VERIFIED PETITION ASSETS EXPIRATION EXTENSION REVERSION SHAREHOLDERS OPERATING SUBSIDIARIES DIRECTORS OFFICERS |
IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE: r, .":
y<,T
IN AND FOR NEW CASTLE COUNTY
:
:, a.
In re:
> :tr
CENCOR, INC., a dissolved Delaware ) Civil Action No. I /9c- 7 7 . JL'.,:-s ;`?
corporation > :
.
VERIFIED PETITION FOR APPROVAL OF LIQUIDATING TRUST `>`i : "~ '
FOR DISSOLVED CORPORATION
1. Petitioner, CenCor, Inc. ("CenCor"), is a dissolved Delaware corporation.
CenCor brings this action seeking an order to approve a liquidating trust for the remaining assets
of CenCor. CenCor proposes to enter into a Liquidating Trust Agreement with UMB Bank as
liquidating trustee in substantially the form attached as Exhibit A hereto (the "Liquidating
Trust"). Although the Plan of Dissolution adopted when CenCor dissolved in 1996 includes a
general authorization to provide for a liquidating trust, CenCor is filing this Petition to seek
judicial confirmation that it may transfer its remaining assets to the Liquidating Trust prior to
expiration of CenCor's existence on December 23, 1999.
2. CenCor's corporate existence, which has already been extended once for slightly
under three months pursuant to 8 Del. C. 5 278, is scheduled to expire on December 23, 1999.
To avoid incurring further costs, CenCor does not wish to seek a further extension of that date.
3. CenCor is entitled to a reversion in July, 2001 of whatever remains from funds
(currently approximately $600,000) held by UMB Bank as indenture trustee for certain
noteholders who have not yet submitted their note for payment. CenCor also has certain
remaining winddown expenses which are likely to be presented after December 23, 1999. The
Liquidating Trust is available to (i) receive any reversion from the note funds in July, 2001 and
SNIPPETS:
|
|
|
| | | |
|
|
