Comdisco Bankruptcy News.ROSEMONT, Ill. -- Comdisco Holding Company, Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). :CDCO CDCO Curriculum Design, Content and Organization CDCO Classified Document Control Office ) today issued the following statement: Creditors Manual Henriquez ("Henriquez") and Glen Howard ("Howard"), and Reorganized Debtor Comdisco Holding Company, Inc., today announced the settlement of all claims and counterclaims between and among them. The settlement has been approved by the United States Bankruptcy Court bankruptcy court n. the specialized Federal court in which bankruptcy matters under the Federal Bankruptcy Act are conducted. There are several bankruptcy courts in each state, and each one's territory covers several counties. in Chicago and payments to Henriquez and Howard have been made according to the parties' settlement agreement. Based on a preliminary investigation conducted in 2002, Reorganized Debtor believed in good faith that there was evidence to prove claims against Creditors Henriquez and Howard. However, following extensive pretrial discovery pretrial discovery n. (See: discovery) , Reorganized Debtor has withdrawn all claims of wrongdoing wrong·do·er n. One who does wrong, especially morally or ethically. wrong  do against Creditors. Reorganized Debtor has determined that Creditors Henriquez and Howard are entitled to incentive compensation due for their past services at Comdisco Ventures. Accordingly, Henriquez and Howard will withdraw all claims for unpaid compensation. All claims in this case have been dismissed with prejudice. Both parties are pleased that the matter has been fully settled and resolved. About Comdisco Comdisco emerged from chapter 11 bankruptcy proceedings bankruptcy proceedings n. the bankruptcy procedure is: a) filing a petition (voluntary or involuntary) to declare a debtor person or business bankrupt, or, under Chapter 11 or 13, to allow reorganization or refinancing under a plan to meet the debts of the party on August 12, 2002. The purpose of reorganized Comdisco is to sell, collect or otherwise reduce to money in an orderly manner the remaining assets of the corporation. Pursuant to Comdisco's plan of reorganization and restrictions contained in its certificate of incorporation certificate of incorporation n. some states issue a certificate to prove a corporation's existence upon the filing of Articles of Incorporation. In most states the Articles are sufficient proof. , Comdisco is specifically prohibited from engaging in any business activities inconsistent with its limited business purpose. Accordingly, within the next few years, it is anticipated that Comdisco will have reduced all of its assets to cash and made distributions of all available cash to holders of its common stock and contingent distribution rights in the manner and priorities set forth in the Plan. At that point, the company will cease operations and no further distributions will be made. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. The foregoing contains forward-looking statements regarding Comdisco. They reflect the company's current views with respect to current events and financial performance, are subject to many risks, uncertainties and factors relating to the company's operations and business environment which may cause the actual results of the company to be materially different from any future results, express or implied by such forward-looking statements. The company intends that such forward-looking statements be subject to the Safe Harbor created by Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. The words and phrases Words and Phrases® A multivolume set of law books published by West Group containing thousands of judicial definitions of words and phrases, arranged alphabetically, from 1658 to the present. "expect," "estimate," and "anticipate" and similar expressions identify forward-looking statements. Certain factors that could cause actual results to differ materially from these forward-looking statements are listed from time to time in the company's SEC reports, including, but not limited to, the reports on Form 10-K for the fiscal year ended September 30, 2003, Form 10-Q for the fiscal quarter ended December 31, 2003, Form 10-Q for the fiscal quarter ended March 31, 2004 and Form 10-Q for the fiscal quarter ended June 30, 2004. Comdisco disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise. |
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