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ERIE LACKAWANNA CLOSES STOCK TRANSFER BOOKS

 ERIE LACKAWANNA CLOSES STOCK TRANSFER BOOKS
 CLEVELAND, Nov. 22 /PRNewswire/ -- Erie Lackawanna Inc. (Erie) made


the following announcement today concerning its liquidation and the closing of its stock transfer books.
 Erie stated that its board of directors today approved the completion of the company's liquidation by declaring a fourth and final liquidating distribution in two parts: (a) a distribution in cash in the amount up to $9.75 per share ($8,634,805 in the aggregate) to the holders of the company's capital stock outstanding at the close of business on Dec. 19, 1991 and (b) a conveyance of all remaining assets into a liquidating trust, for the benefit of such holders. The cash distribution will be made on Jan. 2, 1992; the liquidating trust will be effective on Jan. 1, 1992. The cash portion of the distribution in the amount stated is subject to there being no intervening change of circumstances requiring a reduction in the amount. Under the terms of the proposed trust, the trustee will distribute in cash to such stockholders such amount as remains in the trust after all liabilities required to be paid by the terms of the agreement, and all expenses of the trust, have been paid.
 The stock transfer books on the company will be closed after Dec. 19, 1991. New certificates representing beneficial interest in the trust shall not be issued but the certificates held by the stockholders of record at the close of business at Dec. 19, 1991 representing their interest in the capital stock of the company shall represent such persons' beneficial interests in the trust. If such a stockholder makes a sale or other transfer of his stock between Dec. 19 and Dec. 31, 1991, or of his beneficial interest in the trust on or after Jan. 1, 1992, the seller or transferor will nevertheless remain the holder of record for all purposes of the trust, including any distributions that may be made by the trust. The only circumstances in which the trustee will record a transfer will be in the case of a transfer resulting from the death of a holder of record or a transfer occurring by operation of law.
 -0- 11/22/91
 /CONTACT: Harry A. Zilli, Jr., president and chief executive officer of Erie Lackawanna Inc., 216-621-4617/ CO: Erie Lackawanna Inc. ST: Ohio IN: TRN SU:


KK -- CL006 -- 6367 11/22/91 12:03 EST
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Publication:PR Newswire
Date:Nov 22, 1991
Words:400
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