Three-Five Systems, Inc. (Pink Sheets: TFSIQ) recently shared that it will be making a final liquidating distribution to certain of its stockholders and will subsequently file a Form 15 with the Securities and Exchange Commission to deregister its securities and complete the process to dissolve in accordance with its charter and applicable provisions of Delaware law.
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Three-Five Systems, Inc has completed all distributions required to be made to its creditors under the terms of the Amended Joint Plan of Reorganization Three-Five Systems, Inc filed on March 15, 2006 in the United States Bankruptcy Court (the "Plan"). The Plan was confirmed by the Bankruptcy Court on August 30, 2006. The Plan requires Three-Five Systems, Inc to dispose of its assets in an orderly fashion and distribute the proceeds to its creditors in the amounts and priorities set forth in the Plan. After all required distributions have been made to the Company's creditors, the Plan calls for a final distribution to be made to holders of equity interests in the Company and of certain claims relating to equity interests in full and final satisfaction and redemption of such interests and claims. Accordingly, Three-Five Systems, Inc will make a final liquidating distribution on February 9, 2010 to holders of its common stock. Pursuant to the Plan, distributions will only be made to those who hold a sufficient number of shares of common stock to qualify for a distribution of at least $10.00. Three-Five Systems, Inc paying agent, Mellon Investor Services LLC, will mail the distributions by check to the address of each qualifying stockholder on file with the Company's transfer agent on the record date. Stockholders whose stock is held in "street name" through a broker will automatically receive payment through the Depository Trust Company. The last day of trading of the Company's common stock on the Pink OTC Markets Inc. quotation service is expected to be January 29, 2010. Three Five Systems stock transfer books will be closed as of the close of business on January 29, 2010. Following the liquidating distribution, Three-Five Systems, Inc will file a Certificate of Termination of Registration on Form 15 with the SEC for the purpose of deregistering its securities under the Securities and Exchange Act of 1934, as amended. As a result, the Company will no longer be a public reporting company. Three Five Systems will then complete the process to dissolve in accordance with its charter and applicable Delaware law. Three Five systems previously conducted the business of providing specialized electronics manufacturing services to original equipment manufacturers. Three-Five Systems, Inc has ceased conducting business operations. Its only activities consist of liquidating its assets and preparing for dissolution pursuant to the Plan. "Three-Five Systems" and "TFS-DI" are trademarks of the Company.
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