Annual report pursuant to Section 13 and 15(d)

Warrants redemption liability

Warrants redemption liability
12 Months Ended
Dec. 31, 2015
Warrants redemption liability:  
Warrants redemption liability

Note 10 - Warrant redemption liability


The Plan of Reorganization provides the right for the Company to call, and the Company or its designee to redeem warrants that are not exercised timely, as specified in the Plan of Reorganization, by transferring a $0.10 per share redemption fee to the former holders. Certain individuals desiring to become a Company designee to redeem warrants have deposited redemption fees with the Company that, when warrants are redeemed, will be forwarded to the former warrant holders at their last known address 30 days after the last warrant of a class is exercised, or earlier at the discretion of the Company. The Company has arranged for a service to process the redemption fees in offset to an equal amount of liability. In prior years the Series A and Series C redemption fees have been distributed through DTCC into holder’s brokerage accounts or directly to the holders and are no longer outstanding.