Corporate Renaissance Group, Inc. Liquidating Trust Announces Interim Liquidating Cash Distribution.Business Editors NEW YORK--(BUSINESS WIRE)--Feb. 28, 2001 The Corporate Renaissance Group, Inc. Liquidating Trust announced that an interim liquidating cash distribution of $7.25 per unit of beneficial interest in the Trust ("Unit") was declared. The distribution totaling $4,775,938 will be paid on March 8, 2001 to Unit holders of record on March 1, 2001. This distribution is the result of the sale of the Trust's investment in Seaman SEAMAN. A sailor; a mariner; one whose business is navigation. 2 Boulay Paty, Dr. Com. 232; Code de Commerce art. 262; Laws of Oleron, art. 7; Laws of Wishuy, art. 19. The term seamen, in it most enlarged sense, includes the captain a well as other persons of the crew; in a more confined Furniture Company, Inc. ("Seaman") as described below. Seaman completed its merger with Levitz Furniture Incorporated on February February: see month. 26, 2001. The newly capitalized Capitalized Recorded in asset accounts and then depreciated or amortized, as is appropriate for expenditures for items with useful lives longer than one year. combined business was renamed Levitz Home Furnishings furnishings the extra type or quantity of hair on the head, tail, ears or legs, specified for a particular breed. For example, the feathers in setters, the beard in Bearded collies, the eyebrows in Schnauzers. , Inc. ("Levitz"). As compensation for its Seaman shares, the Seaman shareholders, including the Trust, were provided the option of receiving either 1) cash plus a participation in a small loan facility or 2) securities of Levitz. On behalf of the Trust, the Trustee elected to receive cash plus the loan facility participation. In exchange for its 33,042 shares of Seaman, the Trust received $4,746,570 plus a $595,000 face value participation in the loan facility. It is hoped that the loan facility will be paid off as Levitz develops its business or obtains other financing. The Corporate Renaissance Group, Inc. Liquidating Trust was formed to continue the 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 Corporate Renaissance Group, Inc., formerly a closed-end closed-end adj. Issuing a fixed number of shares that can be traded publicly but are not redeemable by the issuer: a closed-end investment company. management investment company. The Fund paid an initial liquidating distribution of $4.78 per share on its common on February 15, 2000 Continental Stock & Transfer is the transfer agent for the Corporate Renaissance Group, Inc. Liquidating Trust. |
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