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1
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PETITION TO EXTEND EXISTENCE
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EXTRACTED KEY WORDS
IRS CLOSING AGREEMENT COURT TAX FOLEY FEES HOAG FIRST WOBURN EXPENSES EXISTENCE REQUEST PURSUANT BANK DISTRIBUTION STOCKHOLDERS TAX LIABILITY COUNSEL PETITION SECURITIES APPOINTING JOINT COMMITTEE EXTEND PFEIFFER DISSOLUTION AUTHORIZING ASSETS EXHIBIT OBTAINING HERETO |
IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE
IN ASD FOR NEW C.ASTLE COUNTY
IN THE RIATTER OF >> C.A. No. 13725
FIRST WOBURN BANCORP. INC. >
PETITION TO EXTEND EXISTENCE OF FIRST WOBURN BANCORP m
AND REQUEST FOR PAYMENT OF ATTORNEYS' FEES_
Gordon A. Pfeiffer, Receiver for First Woburn Bancorp, Inc., a dissolved Delaware
corporation ("First Woburn" or the "Company"), respectfully petitions this Court, pursuant to 8&
C. $
-, 278. to extend the existence of the Company for an additional nine months and, pursuant to
Chancery Court Rule 163. to authorize the payment of the Company's outstanding legal fees and
expenses on the following grounds:
Backwound
1. In June 199 1. the Company's operating subsidiary, Woburn Five Cents Saving Bank
(the "Bank") failed, causing the h1assachusetts Commissioner of Banks to take possession and
control of the Bank and to appoint the Federal Deposit Insurance Corporation (the "FDIC") as the
Bank's liquidating agent. After the Bank's failure, the Board of Directors determined that it was
the best interests of the Company and its shareholders to dissolve the Company. In April 1992, the
Company sent a Notice of Special Meeting to the stockholders of the Company as of April 3, 1992
for the purpose of adopting a Plan of Complete Liquidation and Dissolution of the Company (the
"Plan"). A copy of the Plan was attached to the Notice of Special Meeting.
3I. On May 15, 1992, the stockholders of the Company adopted the Plan. The Pian
provided that the board of directors (the "Board") and the officers of the Company would continue
RLFI-20326745
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