Chase Packaging convertible holders waive liquidation right until 2016

Original terms allow holders to request liquidation after Aug. 2

By Marisa Wong

Madison, Wis., April 5 - Holders of about 50.1% of Chase Packaging Corp.'s series A 10% convertible preferred stock have agreed to waive their right to request liquidation of the preferred shares prior to Aug. 2, 2016, according to an 8-K filing with the Securities and Exchange Commission.

The company and the holders entered into the waiver agreement on March 30.

Under the original terms of the series A preferreds, holders of 66 2/3% or more of the preferred stock then outstanding may request liquidation of their shares at any time after Aug. 2, 2011.

Holders who agreed to the waiver include the following affiliates: William J. Barrett, secretary and director of Chase Packaging, and his wife; Edward L. Flynn, director of the company, and his wife; Herbert M. Gardner, vice president and director of the company, and his wife; Ann C.W. Green, chief financial officer and assistant secretary of the company; and Allen T. McInnes, chairman of the board, president and treasurer of the company.

Chase Packaging is a shell company based in Fair Haven, N.J.

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