Allstar Inns Inc. Announces Final Liquidating Distribution.SANTA BARBARA Santa Barbara (săn'tə bär`brə, –bərə), city (1990 pop. 85,571), seat of Santa Barbara co., S Calif., on the Pacific Ocean; inc. 1850. , Calif.--(BUSINESS WIRE)--Dec. 10, 1998--In accordance with the Plan of Complete 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 and Dissolution approved and adopted by the stockholders of Allstar Inns on May 8, 1997, the company Thursday announced that it has set Dec. 28, 1998, as the Record Date for the final liquidating cash distribution to its holders of common stock. The amount of the final distribution will be $3.04 per share, or $3,184,227, and will be made to stockholders according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. their holdings of common stock as of the Record Date. On the Record Date the company will close its stock transfer books and discontinue recording transfers of shares of its common stock. The payment date for the final distribution has been set for approximately Jan. 19, 1999. Holders of company common stock as of the Record Date will not be required to surrender their common stock certificates in order to receive the pro rata [Latin, Proportionately.] A phrase that describes a division made according to a certain rate, percentage, or share. In a Bankruptcy case, when the debtor is insolvent, creditors generally agree to accept a pro rata share of what is owed to them. portion of the final distribution. |
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