Market Overview

Gleacher & Company Announces Fifth Liquidating Distribution

Share:





Gleacher & Company, Inc. (OTC: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.

Forward-looking statements

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.

View Comments and Join the Discussion!
 
Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com