Allcity Insurance Company Announces Cash Dividend.Business Editors BROOKLYN Brooklyn (br  k`lĭn), borough of New York City (1990 pop. 2,300,664), 71 sq mi (184 sq km), coextensive with Kings co., SE N.Y. , N.Y.--(BUSINESS WIRE)--July 25, 2002 Allcity Insurance Company (ALCI-OTCBB) (the "Company") announced today that its Board of Directors has approved a $0.335 per share cash dividend payable on August 14, 2002 to shareholders of record at the close of business on August 5, 2002 (the "Dividend"). The aggregate amount of the Dividend will be $2,371,340. The Dividend will have the effect of increasing the stand-alone (jargon) stand-alone - Capable of operating without other programs, libraries, computers, hardware, networks, etc. Exactly what is absent is presumed to be obvious from context. "We only run Windows on stand-alone PCs because it's too dangerous to run it on networked ones." surplus of the Company's parent, Empire Insurance Company. At March 31, 2002, Empire's stand-alone surplus exceeded the minimum statutory surplus requirement of $3,300,000 by approximately $3,000,000. The Dividend will increase Empire's stand-alone surplus by approximately $2,000,000. In the event that Empire's stand-alone surplus declines below the minimum in the future, there can be no assurance that material adverse regulatory reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. action will not be taken against Empire or the Company. As previously announced, the Company and Empire (collectively, the "Group") have commenced a voluntarily liquidation The collection of assets belonging to a debtor to be applied to the discharge of his or her outstanding debts. A type of proceeding pursuant to federal Bankruptcy of all of the operations of the Group. Given the Group's voluntary liquidation Voluntary liquidation Liquidation proceedings that are supported by a company's shareholders. , its current financial condition, the expected costs to be incurred during the claims runoff Runoff The procedure of printing the end-of-day prices for every stock on an exchange onto ticker tape. Notes: If the "tape is late" then it can take a long time to print off all the closing prices. period, and the inherent uncertainty over ultimate claim settlement values, no assurance can be given that the Company's shareholders will be able to receive any value at the conclusion of the voluntary liquidation of its operations. |
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