The court-approved plan also authorized the issuance of $40.25 million in seven-year secured notes bearing interest at 10% per annum, payable semi-annually in arrears, and $15.25 million in 10-year secured notes bearing interest 8% per annum. It also sets aside about $607,000 in secured notes and slightly more than 68,000 shares of the new common stock to cover unsettled claims.

Owners of the original stock will receive 4% of the new shares. Those original stock holders will receive a letter of transmittal from American Stock Transfer & Trust Company that must be completed and returned with the certificated securities in order. Those who hold the original stock or debentures in book-entry form through The Depositary Trust Company will receive their new stock or notes through DTC once DTC has surrendered the old common stock and old debentures held through DTC.

The new Board of Directors of the reorganized Company consists of seven members as follows: Leonard Tannenbaum, Andre Dimitriadis, W. Andrew Adams (chairman), Matthew Patrick, Mark Holliday, Richard Ladd and Wm. James Nicol, the chief executive officer of the Company.