Crescent Operating Announces Plan Consummation.FORT WORTH, Texas Fort Worth is the fifth-largest city in the state of Texas, 18th-largest city in the United States[1], and voted one of "America’s Most Livable Communities. -- Crescent Operating, Inc. (the "Company") (Pink Sheets:COPIQ) announced today the consummation of its plan of reorganization under the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. Bankruptcy Code. Under the plan of reorganization the stock transfer books were previously closed at the close of business on June 22, 2004. As provided by the plan of reorganization all of the outstanding shares of Company Common Stock have been cancelled and retired. As further provided in the plan of reorganization described in the Company's January 2003 proxy statement Proxy Statement A document containing the information that a company is required by the SEC to provide to shareholders so they can make informed decisions about matters that will be brought up at an annual stockholder meeting. , holders of Company Common Stock are entitled to receive 0.02 common shares of beneficial interest in 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. ("Crescent Real Estate") (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) ) for each share of Company Common Stock they hold valuing the Company's common stock at $0.27 per share, using the average of the daily closing prices per Crescent Real Estate shares for the ten trading days immediately preceding June 22, 2004, of $16.268. The closing price per share of Crescent Real Estate common shares was $17.13 on January 14, 2005. No certificate or scrip representing fractional Crescent Real Estate common shares shall be issued, no cash shall be paid in lieu of fractional shares, and all fractional shares shall be rounded up or down to the nearest whole Crescent Real Estate common share. The Company's transfer agent will be mailing to each holder of record of Company Common Stock a letter of transmittal Letter of Transmittal A document used by security holder to accompany certificates surrendered in an exchange or other corporate action. and other information on how Company stockholders should surrender their shares of Company Common Stock and receive common shares of Crescent Real Estate. The Company will file shortly a certification on Form 15 with the Securities and Exchange Commission deregistering its common stock under the Securities Exchange Act of 1934 and effecting the suspension of all reporting obligations under the Securities Exchange Act of 1934. About the Company Crescent Operating, Inc. has been a debtor-in-possession in proceedings under the United States Bankruptcy Code since March 10, 2003. |
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