Board of Directors of Foreign & Colonial Emerging Middle East Fund, Inc. Votes to Recommend Liquidation of Fund.Business Editors NEW YORK--(BUSINESS WIRE)--March 27, 2000 The Board of Directors of the Foreign & Colonial Emerging Middle East Fund, Inc., a closed-end equity fund, voted today to recommend a plan of 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 the Fund to stockholders. The Board has scheduled a special meeting of stockholders for June 12, 2000, at which time stockholders of the Fund will be asked to approve the plan of liquidation. Assuming the plan is approved by stockholders, the assets of the Fund would be liquidated DAMAGES, LIQUIDATED, contracts. When the parties to a contract stipulate for the payment of a certain sum, as a satisfaction fixed and agreed upon by them, for the not doing of certain things particularly mentioned in the agreement, the sum so fixed upon is called liquidated damages. (q.v. in an orderly orderly /or·der·ly/ (or´der-le) an attendant in a hospital who works under the direction of a nurse. or·der·ly n. An attendant in a hospital. manner taking into consideration the underlying relative illiquidity of the Fund's investments and the markets in which the Fund invests. The timing of the expected liquidation as will be set forth in the plan will reflect this. The Fund is a closed-end management investment company that invests in the equity securities of Middle East issuers. The Fund is traded on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. under the symbol "EME n. 1. An uncle. ". |
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