Handleman readies for dissolution, may distribute cash to shareholders

By Lisa Kerner

Charlotte, N.C., Aug. 15 - Handleman Co. said it has filed a preliminary proxy statement with the Securities and Exchange Commission in connection with the company's proposed liquidation and dissolution.

A majority of Handleman's shareholders must approve the plan of liquidation before in can be implemented, a Handleman news release said.

Handleman will consider distributing to shareholders cash proceeds generated from the asset dispositions in excess of what is needed to satisfy its obligations, the company announced previously.

The company cautioned that while a cash distribution is possible, "actual results may differ from current estimates."

Handleman is a Troy, Mich., category manager and distributor of prerecorded music to retailers.

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