Attached files
| file | filename |
|---|---|
| 8-K - FINOVA GROUP INC | mm01-2510_8k.htm |
EXHBIT 99.1
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CONTACT:
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FOR
RELEASE:
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|
Richard
A. Ross
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Immediately
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|
Senior
Vice President,
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January
25, 2010
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Chief
Financial Officer and Treasurer
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|
|
(623)
695-1205
|
The
FINOVA Group Inc. Announces Final Outcome of Stockholder Litigation
Scottsdale, Arizona - January
25, 2010 – The FINOVA Group Inc. (the “Company”), which
dissolved on November 17, 2009, announced today that the previously disclosed
decision of the U.S. Appellate Court for the Third Circuit, effectively denying
the equity committee’s claim that the Company’s equity was entitled to
distributions under the Indenture governing the Company's 7.5% Senior Secured
Notes, had become a final order. As a result, holders the
Company’s common stock will not receive any distributions from the
Company.
In
connection with the Company’s dissolution, the Company had transferred
approximately $81.2 million of restricted cash that was being held in reserve to
the Collateral Trustee for the Senior Secured Notes. As a result of
the Third Circuit’s final order, the $81.2 million has been transferred to The
Bank of New York, in its capacity as Indenture Trustee for the Senior Secured
Notes, for distribution to the holders of the Senior Secured Notes.
###