Consumers Union Temporary Restraining Order to Have No Effect On WellChoice's Ability to Complete IPO.Business Editors NEW YORK--(BUSINESS WIRE)--Nov. 6, 2002 The issuance of a temporary restraining order temporary restraining order: see injunction. today in connection with the lawsuit filed by Consumers Union of U.S., Inc., et. al., against The State 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 and Empire HealthChoice, Inc., (d/b/a Empire Blue Cross and Blue Shield) will not have any adverse impact on WellChoice's ability to complete its upcoming initial public offering. The TRO TRO - tail recursion optimisation relates solely to the use of funds received by the selling shareholders as a result of the public offering and not to Empire's conversion or to the sale of the shares in the IPO (Initial Public Offering) The first time a company offers shares of stock to the public. While not a computer term per se, many founders, employees and insiders of computer companies have found this acronym more exciting than any tech term they ever heard. . In the TRO, the New York State Supreme Court directs that the proceeds of the sale of WellChoice, Inc. common stock by The New York State Public Asset Fund and The New York State Charitable Asset Foundation be held in escrow by The New York State Comptroller The New York State Comptroller is the chief fiscal officer of the U.S. state of New York. The duties of the comptroller include auditing government operations and operating the state's retirement system. until a hearing is held on November 26, 2002. The Fund and The Foundation were established pursuant to legislation to receive 100% of the fair market value of Empire HealthChoice, Inc., as part of the company's conversion from a not-for-profit health service corporation to a for-profit accident and health insurer under the New York State Insurance laws. The Fund and The Foundation are offering a portion of their shares in the IPO. |
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