Uv liquidating trust
The proceeds of these sales and the liquid assets were to be distributed to shareholders. Shareholders approved the sale of Federal and the liquidation plan.
The trial judge ruled for the holders and P appealed contending that certain language in the contracts allowed for their assumption by a third party. The total face value of the debentures was 1 million. UV decided to sell its assets and P decided to buy one part of the assets for 7 million and to assume the debentures.On April 9, 1979 UV announced an per share initial liquidating distribution to take place on Monday, April 30.On April 26, representatives of Chase, Manufacturers met with UV officers and directors and collectively demanded that UV pay off all the debentures within 30 days or, alternatively, that UV establish a trust fund of 0 million to secure the debt.