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Comdisco declares dividend on stock after unsecured creditors' recovery reaches 87%
By Carlise Newman
Chicago, May 2 - Comdisco Holding Co. Inc. declared a cash dividend of $73.33 per share on the outstanding shares of its common stock.
After the dividend recovery to general unsecured creditors is 87%,
The dividend is payable on May 22 to common stockholders of record on May 12. Comdisco has 4.2 million shares of common stock outstanding.
Announcing the dividend, Comdisco said that its plan of reorganization requires that holders of its contingent distribution rights are be entitled to share in proceeds realized from sale of its assets once certain minimum recovery thresholds are achieved.
As a result the company said it will make a cash payment of $.01793 per right on the contingent distribution rights, payable on May 22, to contingent distribution rights holders of record on May 12.
Comdisco Holding Company has approximately 152.8 million contingent distribution rights outstanding. Mellon Investor Services will serve as paying agent for the payment to holders of contingent distribution rights.
Former common shareholders of Comdisco, Inc., the predecessor company to Comdisco Holding Company, Inc., are entitled to exchange their old common shares, which have been cancelled, for contingent distribution rights on a one-for-one basis.
In order to receive contingent distribution rights, former common shareholders must properly complete a transmittal form and surrender their old common shares to Mellon Investors Services LLC. As of April 30, over 99% of the old common shares have been exchanged.
Rosemont, Ill.-based Comdisco is a leasing equipment and technology company.
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