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Show Page Twelve National Enterprise OGG Calls Annual Meeting CHICAGO, Ill-Th- e annual meeting of stockholders of OGG Corp. will be held on Sunday, April 11; 1976 at 4:30 p.m. at the Total Look, 3540 W. 95th Street, Ever- green Park, Illinois. Only stockholders of record on March 26, 1976 are entitled to vote at the meeting. King Loses Glitter in Reorganization continued from page 3 in the company has continued to trade. Shortly before Winner approved the present plan, the bid price of the stock was at 13 cents a share. Within a few days of the decision, and, after a repeated notification of the worthlessness of the stock, the price dropped to 2 cents a share and still is being traded. Baer said that he couldnt understand why the securities and Exchange Commission allows the stock to continue A the reorganization ' plan as various subsidiaries and other trading, since the shares are worth nothing. He has written letters to both the Securities and Exchange Commission and to the Wall Street Journal trying to let people know the stock is worthless, he added. Class Action Suits Some former stockholders, who are members of classes that filed suit against the company, already have filed claims in the class actions and will be able to participate in . unsecured stockholders, he said. The reorganized company will have assets, Baer said. They include oil and gas producing properties in 10 states and three Canadian provinces and undeveloped oil and gas properties in 1 1 states and the Canadian Arctic. Other assets of the com- pany are land and port term- inal facilities at Casco Bay in Portland, Maine, and office building in Denver, stock in companies and cash reserves of more than $5 million, according to Baer, For the creditors of King Resources, the plan calls for the satisfaction of debts, and for the expenses of creditors, the trustee and attorneys. The costs of administration, tax claims and all other prior-ity claims will be paid in full in cash, Secured claims will be paid in cash to the extent of the value of the collateral, any excess of such claim over the value of the collateral to be treated as a general unsecured claim. Any unsecured claims for $200 or less will be paid in full in cash, according to Baer. The remaining unsecured creditors and the holders of domestic and foreign subordinated debentures that were issued or guaranteed by King Resources Co will receive special treatment. Those unsecured creditors will receive 50 shares of stock in the reorganized company for each $1,000 in claims that are allowed, or $20 a share. Because of the contractual subordination of the domestic and foreign debentures, Baer said, these claimants will receive slightly more than 85 percent of their claims in class B King Resources, stock and slightly less than 15 percent of their claims in Class A stock. ycoiwtae The principal difference is that A stock has a $20 a share priority in the event of liquidation, and each A share is convertible into 1.5 B shares during the first year after confirmation of the plan and 1.25 B shares during the second year, Baer explained. If all of the class A shares are converted during the first year at 1.5 B shares for each of the A shares, he continued, there would be about 5.5 million B shares outstanding. 70 Million Assets For further information please call James Barrett , Chairman ; Area Code 208 356-422- 9. Based on the findings of Judge Winners court and an advisory report lag the Securities and Exchange Commission, Baer added, the present value of the assets of the company are approximately $70 million, after the provision for claims that are to be paid in cash. More detailed information about the proposed plan of reorganization is available to interested parties through First Lombard Corporation Investment Bankers Salt.Lake City Idaho Falls examination of the proposed plan, the advisory report of the Securities and Exchange Commission, and the findings and orders of the court. These documents are in the office of the Clerk of the United States District Court in the U.S. Courthouse in Denver, according to Baer. - |