AB Liquidating Corp. Files Motion to Set Record Date and to Approve Certain Procedures for Distributions to Shareholders
July 29 2008 - 2:26PM
Business Wire
AB Liquidating Corp. f/k/a Adaptive Broadband Corporation (Pink
Sheets:ADAPQ) filed a motion today with the Bankruptcy Court (the
�Motion�) for an order setting a final record date and approving
certain procedures for distributions to shareholders, consistent
with the terms of the company�s confirmed liquidating plan (the
�Plan�). As outlined in the Motion, AB Liquidating Corp.
anticipates that there will be approximately $3,040,000 available
for immediate distribution to shareholders (or approximately $0.08
per share). This total excludes proceeds from the settlement of an
outstanding claim against another debtor in bankruptcy that are
expected to further increase distributions to shareholders by
approximately $800,000 (or approximately $0.03 per share). The
foregoing figures are preliminary estimates only. AB Liquidating
Corp. has requested that the Bankruptcy Court set a final record
date that is forty (40) days after entry of an order approving the
Motion. The record date will be utilized for the purpose of
determining the identity of shareholders for all distributions
under the Plan. Forward Looking Statement Disclosure: This press
release may contain forward-looking statements that are made
pursuant to the �safe harbor� provisions of the Private Securities
Litigation Reform Act of 1995, as amended. Such statements are
subject to significant risks and uncertainties, which may cause
actual results to differ materially. AB Liquidating Corp. disclaims
any intention or obligation to update or revise any such
forward-looking statements, whether as a result of new information,
future events or otherwise. No assurance can be given that
distributions will be made to the�shareholders of AB Liquidating
Corp. in the amounts set forth above. Accordingly, the value of AB
Liquidating Corp.�s stock is highly speculative and AB Liquidating
Corp. urges that appropriate caution be exercised with respect to
existing and future investments in such securities.