ILM I Lease Corporation Ordered to Liquidate and Dissolve.Business Editors TYSON'S CORNER, Va.--(BUSINESS WIRE)--July 3, 2001 ILM I Lease Corporation today announced that on June 15, 2001, upon a motion for judicial dissolution brought by it, a Virginia Circuit Court residing in Fairfax County, Virginia Fairfax County is a county in Northern Virginia, in the United States. As of 2005, the estimated population of the county is 1,041,200;[1] making it by far the most populous jurisdiction in the Commonwealth of Virginia, and larger than seven states. granted such motion and ordered that ILM I Lease Corporation immediately be liquidated DAMAGES, LIQUIDATED, contracts. When the parties to a contract stipulate for the payment of a certain sum, as a satisfaction fixed and agreed upon by them, for the not doing of certain things particularly mentioned in the agreement, the sum so fixed upon is called liquidated damages. (q.v. , dissolved dis·solve v. dis·solved, dis·solv·ing, dis·solves v.tr. 1. To cause to pass into solution: dissolve salt in water. 2. and its affairs wound up, all pursuant to the Virginia Stock Noun 1. Virginia stock - erect branching herb cultivated for its loose racemes of fragrant white or pink or red or lilac flowers; native to sands and sea cliffs of southwestern Greece and southern Albania Malcolmia maritima, Virginian stock Corporation Act. ILM I Lease Corporation sought this relief because since August 15, 2000, ILM I Lease Corporation's operations permanently ceased, it no longer is a going concern and is nearly insolvent INSOLVENT. This word has several meanings. It signifies a person whose estate is not sufficient to pay his debts. Civ. Code of Louisiana, art. 1980.. A person is also said to be insolvent, who is under a present inability to answer, in the ordinary course of business, the responsibility . In addition, ILM I Lease Corporation lacks financial, administrative and other resources sufficient to seek shareholder approval of such liquidation The collection of assets belonging to a debtor to be applied to the discharge of his or her outstanding debts. A type of proceeding pursuant to federal Bankruptcy , dissolution and winding-up. ILM I Lease Corporation believes that, upon liquidation, it will be able to pay in full all of its creditors and, to the extent any assets are then remaining (which ILM I Lease Corporation is unable to ascertain at this time), would seek to pay to its shareholders a liquidating distribution. However, ILM I Lease Corporation believes that after the payment of creditors, the amount of the per share liquidating distribution would be nominal. Upon the winding up of ILM I Lease Corporation's affairs, ILM I Lease Corporation intends to seek a court order terminating its corporate existence. This press release contains "forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. " based on our current expectations and projections about future events. These forward-looking statements are subject to a number of risks and uncertainties which could cause our actual results to differ materially from historical results or those anticipated and certain of which are beyond our control. The words "believe," "expect," "anticipate" and similar expressions identify forward-looking statements. we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. |
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