BOCA RATON, FL Janus Hotels and Resorts reported that it will hold a special shareholders meeting on March 15, 2001 to consider a proposal to cash-out stockholders holding fewer than 100 shares of the companys common stock. The company is the successor, by way of reorganization under Chapter XI of the United States Bankruptcy Code, to United States Lines. Pursuant to the US Lines plan of reorganization, which became effective in 1990, the former unsecured creditors of US Lines became entitled to receive ratable portions of 5,000,000 shares of the companys common stock. As a result, the company has approximately 4,925 shareholders of record holding less than 100 shares. Most of these shareholders are unable to dispose of their shares in the market according to Louis Beck, chairman/CEO of the company, and the cash-out proposal would provide them with liquidity. If approved, the cash-out will consist of a one for 100 and a 100 for one back-to-back stock splits. Shareholders owning 100 or more shares will not be effected by the splits. Janus Hotels and Resorts currently owns 15 hotels and manages 53 properties. (1/2/01)
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