Warrants were issued to shareholders on 5/29, trade under ticker "gsbnz" on the 'Daq.more below:Golden State Bancorp Declares Distribution of Litigation Tracking WarrantsBusinessWire, Thursday, April 23, 1998 at 14:35 GLENDALE, Calif.--(BUSINESS WIRE)--April 23, 1998--Board establishes record date of May 7, 1998 and distribution date of May 29, 1998 -- LTW(tm)s to trade on NASDAQ National Market System Golden State Bancorp Inc. (NYSE:GSB), parent company of GlendaleFederal Bank, announced today that its Board of Directors has declareda distribution of its Litigation Tracking Warrants (LTW(tm)s). Certificates representing the LTW(tm)s are expected to be mailedon May 29, 1998 to common stockholders of record on May 7, 1998. Thecompany has reserved additional LTW(tm)s for distribution inconnection with future conversions and exercises of the Company'soutstanding convertible preferred stock, warrants and stock options.The distribution will be made on the basis of one LTW(tm) for eachoutstanding share of common stock. Stephen J. Trafton, chairman and chief executive officer ofGolden State Bancorp, said: "The market will now be able to track thevalue of our goodwill litigation separately from the franchise valueof the Company. This will also allow the marketplace to moreaccurately value both assets. It is the next step forward in a seriesof corporate transactions, including our recently completedacquisition of CENFED Financial Corporation and our pendingacquisition of RedFed Bancorp, that will culminate in our merger withFirst Nationwide (Parent) Holdings Inc. and the merger of itsprincipal subsidiary, California Federal Bank FSB, with GlendaleFederal." At a special meeting held today Golden State shareholdersauthorized amendments to the company's Certificate of Incorporation tofacilitate the distribution. The amendments were to increase the totalnumber of authorized shares of common stock and to clarify theapplication of certain provisions of the Certificate of Designationsfor the company's Noncumulative Convertible Preferred Stock, Series A. The company plans to distribute, or hold in reserve for futuredistribution, to its securities holders approximately 85.8 millionLTW(tm)s. As previously reported, the LTW(tm)s will represent theright to receive, upon exercise, Golden State common stock equal invalue to 85 percent of the net after-tax proceeds, if any, fromGlendale Federal's pending goodwill lawsuit against the United StatesGovernment. The LTW(tm)s will be the first goodwill lawsuit securityto be distributed on a tax-free basis for both securities holders andthe distributing institution. The LTW(tm)s will trade on the NASDAQ National Market Systemunder the ticker symbol "GSBNZ" effective June 1, 1998 and will tradeon a "when issued" basis on the NASDAQ commencing May 5, 1998 underthe ticker symbol "GSBZV." Golden State Bancorp's common stock willcontinue to trade on the New York Stock Exchange with "due bills,"(reflecting the sellers' obligations to deliver LTW(tm)s whenreceived) from the May 7 record date until the "ex-distribution date,"which will be June 1, the first business day after the May 29distribution date. Golden State completed its acquisition of CENFED FinancialCorporation on April 21, 1998. Golden State expects to complete itsacquisition of Inland Empire-based RedFed Bancorp in July. The Companyexpects to have completed its merger with First Nationwide (Parent)Holdings and California Federal Bank by September 30, 1998. "Our pending merger with California Federal Bank will combine twobanks that share the same philosophy of customer service and returningvalue to shareholders," Trafton said. "With Cal Fed, we will combinethe best of both banks, including mortgage and business lendingprograms, marketing and bank offices and delivery systems, to createan institution large enough to compete with California's major banks,but focused on serving the individual customer." Golden State Bancorp, with $18.0 billion in assets, is the parentcompany of Glendale Federal Bank -- California's leading communitybank, serving the business and consumer banking needs of Californiansthrough 191 banking offices and 26 loan offices. Customers can reachthe bank by calling 1-800-41FEDUP, or get information through itsInternet site at http://www.glendalefederal.com.
Best Of |
Favorites & Replies |
Start a New Board |
My Fool |
BATS data provided in real-time. NYSE, NASDAQ and NYSEMKT data delayed 15 minutes.
Real-Time prices provided by BATS. Market data provided by Interactive Data.
Company fundamental data provided by Morningstar. Earnings Estimates, Analyst Ra