Holly Products announces settlement on behalf of Country World Casinos.BALA CYNWYD, Pa.--(BUSINESS WIRE)--Nov. 22, 1996--Holly Products Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : HOPR, HOPRW, HOPRP; BSE See Bombay Stock Exchange. BSE See Boston Stock Exchange (BSE). : HOP, HOPP HOPP Human Oncology and Pathogenesis Program (Memorial Sloan-Kettering Cancer Center; New York, NY) ) today announced a settlement between Country World Casinos Inc. and Tommyknocker Casino Corp./New Allied Development Corp. in accordance 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. order of Nov. 5, 1996. It is estimated that Country World saved approximately $700,000 in the ruling put forth by the court. William H. Patrowicz, president of Holly Products Inc., stated, "It is of great comfort to have this milestone behind us. We will now diligently work with the remaining unsecured creditors in accordance with the court's May 1996 order, to resolve and pay everyone in the shortest possible time frame." Holly Products Inc., headquartered in Bala Cynwyd, has a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , Navtech Industries Inc. of Shiprock, N.M., and a majority-owned subsidiary, Country World Casinos Inc. of Denver. Navtech is a manufacturer and tester of electronic components for casino equipment, hotel equipment and signage. Country World Casinos Inc. is a development corporation whose plan is to construct a casino in Black Hawk, Colo., as well as a hotel complex. CONTACT: Holly Products, Bala Cynwyd William H. Patrowicz, 610-617-0400 or Martin E. Janis & Co., Chicago Elliott Jacobson, 312/943-1100 |
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