Computer Horizons Announces Final Liquidating Distribution And Closing Of Its Transfer BooksPR Newswire
PARSIPPANY, N.J., Nov. 26, 2012 /PRNewswire/ --Computer Horizons Corp. (the "Company") (OTC: CHZS.PK) today announced that the Company's Board of Directors has approved a final liquidating distribution (the "Final Liquidating Distribution") of $0.0709 per share to the holders of its common stock. The Final Liquidating Distribution will be payable on or about December 21, 2012 to shareholders of record as of the close of business on December 7, 2012 (the "Record Date"). The Company also announced today that its transfer records will be closed, and the Company's transfer agent will no longer recognize or record transfers of the Company's common stock, effective on the Record Date for the Final Liquidating Distribution. The Final Liquidating Distribution announced today is the fifth and final distribution in a series of liquidating distributions pursuant to the plan of liquidation and dissolution approved by the Company's shareholders on February 14, 2007 (the "Plan of Liquidation"). The payment of the Final Liquidating Distribution represents the release of all corporate assets available to shareholders and no further shareholder distributions will be made.
On April 5, 2012, the Company filed a Certificate of Dissolution with the Department of State of the State of New York in accordance with the Company's Plan of Liquidation and, effective on the date of such filing, the Company became a dissolved corporation under New York law. Effective on November 8, 2012, claims may no longer be asserted against the Company.
On March 27, 2007, the Company paid an initial liquidating distribution of $4.00 per share to its shareholders of record on March 16, 2007 and, subsequently, the Company paid liquidating distributions of $0.30 per share on February 11, 2008 to its shareholders of record on January 15, 2008, $0.23 per share on April 21, 2009 to its shareholders of record on March 31, 2009, and $0.07 per share on September 10, 2010 to its shareholders of record on August 23, 2010. Upon payment of the Final Liquidating Distribution, the Company will have made aggregate liquidating distributions to its shareholders of $157,849,476.07 or $4.6709 per share.
For tax purposes, the Final Liquidating Distribution announced today and each of the other liquidating distributions referred to above is a "liquidating distribution". Each liquidating distribution should be allocated proportionately to each share of stock owned by a shareholder. A shareholder's gain or loss will be computed on a "per share" basis so that gain or loss is calculated separately for blocks of stock acquired at different dates and different prices. Gain will be recognized in any taxable year in connection with a liquidating distribution only to the extent that the aggregate value of all liquidating distributions received by a shareholder with respect to a share exceeds such shareholder's tax basis for that share. If the amount of the distributions is less than the shareholder's basis in his or her shares of common stock, the shareholder will generally recognize a loss only in the year the Final Liquidating Distribution is received by the shareholder (or by a liquidating trust on behalf of the shareholder). The Company recommends that shareholders consult their own tax advisors regarding the tax consequences to them of the liquidation and dissolution.
Statements made in this press release regarding the amount and timing of payment of the Final Liquidating Distribution are forward-looking statements. Such forward-looking statements reflect the Company's current expectations with respect to future events, are based on its current assumptions and information currently available to it, and are not promises or guarantees. There can be no assurance that the Company's expectations will be achieved. The Company assumes no obligation to update the forward-looking statements included in this press release.
SOURCE Computer Horizons Corp.