2008-12-13 01:15:02 -
Effective as of June 23, 2008, Manchester, Inc., now known as Navigator Holdings, LLC ("Navigator" or "the Company") and its subsidiaries (collectively, "Manchester"), emerged from Chapter 11 bankruptcy protection. Pursuant to the terms of the confirmed Chapter 11 Plan, Manchester's senior lender, Palm Beach Multi-Strategy Fund, LLC ("Palm Beach") now owns 100% of the new stock in the Company. All old common stock of Manchester, Inc., formerly MNCS, now MNCSQ, that was outstanding at the time Manchester filed for bankruptcy on February 7, 2008, has been canceled, extinguished and terminated as of June 23, 2008. The Company is now privately owned by Palm Beach, and, therefore, the old common stock of the Company does not represent equity or any other
interest in the company. Therefore the stock has no value and should not be traded.
The Manchester Chapter 11 Plan embodies a global settlement of all disputes among Manchester, its former directors and officers, and Palm Beach. Pursuant to the Plan, Palm Beach received all of the equity in the reorganized Company in exchange for a cancellation of the debt owing to Palm Beach from Manchester. In addition, Palm Beach contributed a total of $3.7 million to be used to pay claims and to fund the operations of a litigation trust, which will pursue claims against third parties and distribute the proceeds to creditors. In exchange, Palm Beach, the Debtors, and their respective officers and directors exchanged global releases of any and all claims and causes between and among them.
The Company, as restructured, continues to operate as a going concern, without interruption to operations. The Company has repositioned itself in the independent automobile marketplace as an independent dealer group, providing point of sales financing through its captive finance company.
Navigator is located in Atlanta, Georgia, and owns and operates eight independent automobile dealerships ("Navigator Dealer Group LLC") and a captive finance company ("Navigator Acceptance LLC"). The dealerships specialize in selling transportation and utility vehicles and have locations throughout the states of Georgia and Indiana. The Company is headed by its President, sub-prime lending and nationally recognized turn-around expert, Robert Lazenby.
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Art Greene, 702-807-6045
