Crescent Operating Stockholders Approve Bankruptcy Plan.Business Editors FORT WORTH, Texas--(BUSINESS WIRE)--March 6, 2003 Stockholders of Crescent Operating, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :COPI COPI Chevron Overseas Petroleum Inc. COPI Construction Output Price Index (UK) COPI Court-Ordered Protected Individual .OB) ("Crescent Operating" or the "Company") at a special stockholders' meeting today approved a proposed bankruptcy plan of Crescent Operating pursuant to which the Company would be liquidated under Chapter 11 of the United States Bankruptcy Code. Approximately 79.07% of the outstanding shares of Crescent Operating common stock were voted at the special meeting (of the shares present or represented by proxy at the meeting, approximately 99.72% voted in favor of the plan). The Company intends to file its bankruptcy petition with the 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 the next few days. 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 operating company A business that engages in transactions with outsiders. and an equipment sales and leasing business. |
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