AremisSoft Reorganization Effective, Class Action Litigation and SEC Settlement are Finalized; SoftBrands Independent.Business Editors NEWARK, N.J.--(BUSINESS WIRE)--Aug. 2, 2002 AremisSoft Corporation today announced that its reorganization under Chapter 11 of the United States Bankruptcy Code is effective. The Honorable Joel Pisano issued his opinion settling the class action litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. brought against AremisSoft on behalf of the security holders--the last step in the bankruptcy process. Last week the settlement of the pending SEC enforcement action was finally approved by the United States District Court United States District Court In the U.S., any of the 94 trial courts of general jurisdiction in the federal judicial system. Each state, as well as the District of Columbia and the Commonwealth of Puerto Rico, has at least one federal district court. for the Southern District of New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of . The most significant result of today's announcements is that, effective today, SoftBrands, Inc. cancelled all of its shares that were held by AremisSoft and issued 40,000,000 shares to the class representative and to a disbursement DISBURSEMENT. Literally, to take money out of a purse. Figuratively, to pay out money; to expend money; and sometimes it signifies to advance money. 2. agent for delivery to former AremisSoft shareholders. After today, SoftBrands is no longer affiliated with AremisSoft. George Ellis, chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of SoftBrands, who was brought in to lead the restructuring effort, stated, "We are very pleased that the AremisSoft part of our history has come to a close. The Court, the Plaintiffs and our shareholders all supported this effort to preserve the underlying value of the business. We at SoftBrands are appreciative of the hard work by many to get us to this point and we welcome the opportunity to build a world-class software company." |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion