American Homestar Announces Changes in Its Board of Directors.Business Editors HOUSTON--(BUSINESS WIRE)--Dec. 4, 2001 American Homestar Corporation (NQB-Pink Sheets:HSTRQ) today announced that on November 30, 2001, Mr. James Boles and Mr. Ronald Wuensch resigned as members of American Homestar Corporation's board of directors. The parties have entered into a confidentiality agreement with respect to certain internal board disputes that had arisen between various members of the board with respect to board governance Governance makes decisions that define expectations, grant power, or verify performance. It consists either of a separate process or of a specific part of management or leadership processes. Sometimes people set up a government to administer these processes and systems. issues. The remaining directors of American Homestar Corporation are Finis F. Teeter, Deborah Midanek and Richard Grasso Richard A. Grasso (born 1946 in Jackson Heights, Queens, New York City) usually known by the nickname 'Dick', was chairman and chief executive of the New York Stock Exchange from 1995 to 2003, the culmination of a career that began in 1968 when Grasso was hired by the Exchange as . Ms. Midanek and Mr. Grasso were selected as members of the Board of Directors by the Official Committee of Unsecured Creditors Unsecured Creditor An individual or institution that lends money without obtaining specified assets as collateral. This poses a higher risk to the creditor because they have nothing to fall back on should the borrower default on the loan. A debenture holder is an unsecured creditor. in American Homestar's bankruptcy bankruptcy, in law, settlement of the liabilities of a person or organization wholly or partially unable to meet financial obligations. The purposes are to distribute, through a court-appointed receiver, the bankrupt's assets equitably among creditors and, in most case. Mr. Teeter is President of American Homestar Corporation and was appointed as a member of the Board pursuant to the company's plan of reorganization. American Homestar is now operating pursuant to its confirmed plan of reorganization, which became effective October 3, 2001. It is anticipated that the two vacancies on the Board of Directors will be filled within the next several weeks. On November 30, 2001, a board meeting was conducted. At that meeting, Mr. Teeter moved that Ms. Midanek be elected as chairperson chairperson Chairman The head of an academic department. See 'Chair.', Cf Chief. of the board of directors. The motion passed unanimously. Ms. Midanek stated, "American Homestar Corporation is a company with a bright future. I am very pleased that we have dedicated management that is led by `Buck' Teeter as President of American Homestar Corporation. We have an aggressive plan for keeping American Homestar on track for a profitable future. The Board and management are working closely to implement our core business strategy." Mr. Teeter joined in Ms. Midanek's comments, stating, "These changes will allow American Homestar and its employees to focus on what is best for our shareholders. We are dedicated to a successful future. I have full confidence that management and all of our employees will work closely with the Board to implement a business strategy that maximizes returns to all concerned." American Homestar is a vertically integrated manufactured housing Manufactured housing (also known as prefab housing) is a type of housing unit that is largely assembled in factories and then transported to sites of use. In the United States, the term "manufactured home" specifically refers to a house built entirely in a protected Company that manufactures, retails, finances, insures and transports manufactured homes for its customers. This press release may contain certain forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. and information based on the beliefs of the Company's management as well as assumptions made by, and information currently available to, the Company's management. Words like "anticipate," "believe," "estimate," "should," "expect," and similar expressions used in this press release are intended to identify forward-looking statements. Such statements reflect the current view of the Company with respect to future events and are subject to certain risks, uncertainties and assumptions, including the risk factors described in the Company's most recently filed registration statement and form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. . Should one or more of these risks or uncertainties materialize ma·te·ri·al·ize v. ma·te·ri·al·ized, ma·te·ri·al·iz·ing, ma·te·ri·al·iz·es v.tr. 1. To cause to become real or actual: By building the house, we materialized a dream. or should underlying assumptions prove incorrect, actual events or results may vary from those described herein as anticipated, expected, believed or estimated. For more information about the Company, visit its website at www.americanhomestar.com. |
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