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Gleacher & Company Announces Sixth and Final Liquidating Distribution and Extension of Wind up Period

NEW YORK--(BUSINESS WIRE)--Dec. 20, 2018-- Gleacher & Company, Inc. (OTC Pink:GLCH) (the “Company”) announced December 19, 2018 that the Board of Directors has determined to make a sixth and final liquidating distribution to Company stockholders in the amount of $0.81 per share of the Company’s common stock (approximately $5.01 million in the aggregate). The record date for this distribution is December 19, 2018. The Company anticipates that the payment date will be on or about December 31, 2018. Total liquidating distributions, including this sixth and final distribution, since the filing of the Company’s Certificate of Dissolution in July 2014 amount to $11.98 per share of the Company’s common stock (approximately $74.1 million in the aggregate). The Company intends to make no further liquidating distributions. In connection with the payment of the sixth and final distribution, the shares of capital stock of the Company will be cancelled and the former holders of capital stock of the Company will thereafter have only the right to receive the sixth and final distribution. The Company will take action to halt trading in the Company’s securities, including causing FINRA to remove the symbol of the Company and causing FINRA to inform OTC Markets Group that FINRA has done so such that OTC Markets Group removes the quotations in the Company’s securities.

The amounts distributed to stockholders are affected by many factors, including the resolution of outstanding known claims and obligations of the Company, the incurrence of unexpected or greater-than-expected losses with respect to contingent liabilities, the assertion of claims against the Company, the Company’s realizations on selling or otherwise monetizing the Company’s remaining assets, the need to dissolve and wind up each of the Company’s subsidiaries, and costs incurred to wind up our business.

The Company also announced that it has requested and received from the Delaware Chancery Court an extension of the period during which the Company may wind-up its affairs under Delaware General Corporation Law from December 31, 2018 to June 30, 2019. The Company believes such time period will provide sufficient time to complete the wind-up of the Company’s affairs. The actual wind-up period for the Company may be shorter or longer than requested and, if additional time is needed to complete the wind-up of the Company’s affairs, the Company would need to seek an additional extension.

About Gleacher & Company

Gleacher & Company, Inc. is a dissolved corporation under the laws of the State of Delaware.

Forward-looking statements

This press release contains “forward-looking statements.” These statements are not historical facts but instead represent the Company’s belief or plans regarding future events, many of which, by their nature, are inherently uncertain and outside of the Company’s control. The Company’s forward-looking statements involve known and unknown risks, uncertainties and other important factors, including the risks and other factors identified herein, on the Company’s website and in other public disclosures made by the Company from time to time. As a result, the Company’s actual actions, performance or achievements or results may differ materially from those expressed or implied by these forward-looking statements. Forward-looking statements include, without limitation: statements regarding the dissolution and liquidation of the Company, including the Company’s expectations with regard to liquidating distributions. Although the Company believes that the expectations reflected in any forward-looking statements are reasonable, it cannot guarantee future events or results. Except as may be required under federal law, the Company undertakes no obligation to update any forward-looking statements for any reason, even if new information becomes available or other events occur.

Source: Gleacher & Company, Inc.

Gleacher & Company, Inc.
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