Old Stone partially redeems convertible preferreds

By Susanna Moon

Chicago, June 29 - Old Stone Corp. said it would redeem some of its convertible preferred Series B shares.

The redemption date is Aug. 1. For each share of convertible preferred, the company will pay $54.35 or 0.9384 of a share. The remaining 0.0616 share will be unredeemed and remain outstanding.

The payments represent the final damages award in the lawsuit against the federal government for breach of contract, the company said in a press release.

"We are redeeming our preferred stock on this basis, leaving a fraction of each share outstanding, in order to treat all preferred shareholders equally, which we felt was the fairest manner," Bernard V. Buonnano Jr., chairman of Old Stone, said in a press release.

The paying agent for the redemption is Wells Fargo Bank, NA.

Old Stone Corp. provided brokerage services through its subsidiary Old Stone Securities Co. before it transferred its registered securities broker-dealer business as of December 2001 to Morgan Stanley Dean Witter. Any remaining assets of Old Stone Securities were liquidated in 2002.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.