Crescent Operating, Inc. Updates Estimated Range of Recoveries for Its Common Stockholders.Business Editors FORT WORTH, Texas--(BUSINESS WIRE)--Nov. 21, 2003 Crescent Operating, Inc. (Pink Sheets:COPIQ) ("Crescent Operating" or the "Company") has updated its estimate of the possible range of the value of Crescent Real Estate Equities Company Crescent Real Estate Equities Co. (NYSE: CEI) is a Fort Worth, Texas-based real estate investor with holdings mainly in office and hotel properties, including several landmark buildings in the southern United States. (NYSE NYSE See: New York Stock Exchange :CEI CEI Competitive Enterprise Institute CEI Conferenza Episcopale Italiana (Italian bishop conference) CEI Central European Initiative CEI Comitato Elettrotecnico Italiano (Italian Electrotechnical Committee) ) ("CEI") common shares to be issued to Crescent Operating stockholders following confirmation of the Company's bankruptcy plan. The Company currently estimates that the value of the distribution to the Company's stockholders (in CEI shares) upon successful completion of its prepackaged bankruptcy transactions will be in the range of $0.20 to $0.30 per share of Crescent Operating common stock. ABOUT THE COMPANY Crescent Operating is a diversified management company diversified management company An investment company with a minimum of 75% of its assets as cash, government securities, securities of other investment companies, and other securities subject to a limitation of no more than 5% of the diversified management which through various subsidiaries and affiliates, owns, leases or operates a portfolio of assets consisting primarily of an interest in a temperature controlled logistics operating company. |
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