All For A Dollar announces Joint Plan of Reorganization is confirmed.SPRINGFIELD, Mass.--(BUSINESS WIRE)--July 5, 1995--All For A Dollar Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : ADLRQ), announced that the Joint Plan of Reorganization was confirmed June 30, 1995 by the U.S. Bankruptcy Court bankruptcy court n. the specialized Federal court in which bankruptcy matters under the Federal Bankruptcy Act are conducted. There are several bankruptcy courts in each state, and each one's territory covers several counties. in Worcester, Mass. The effective date for the Chapter 11 Plan was July 3, 1995. All For A Dollar Inc. (AFAD AFAD Asian Federation Against Involuntary Disappearances AFAD Air Force Acquisition Document AFAD Assessment/Force Accounting Database AFAD Air Force Acquisition Directive AFAD Automated Flagging Assistance Devices ) has been operating under Chapter 11 of the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. Bankruptcy Code Bankruptcy Code may refer to:
The plan was deemed confirmed June 30, 1995 when AFAD deposited approximately $3.6 million into a special account for the exclusive purpose of making distributions pursuant to the plan. The deposit was made possible by AFAD through cash on hand, borrowings under it's existing line of credit, and by completing a $1.5 million private placement of two-year notes with warrants. The notes provide for varied principal payments through July 1, 1997. The warrants entitled the holders to purchase up to 1,195,400 shares of common stock at a price of $.50 per share excercisable over a two-year period. The plan provides for a 35 percent cash settlement of all unsecured claims incurred by AFAD prior to its Chapter 11 case filing. Administrative claims, priority claims and all tax claims will be paid in full. CONTACT: All For A Dollar, Springfield Donald A. Molta, 413/733-1203 |
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