Note to Holders of the Company’s Stock
As a result of the Confirmed Plan becoming effective, all of the Equity Interests, consisting of the Company’s outstanding shares of common stock, Series A Preferred Stock, Series B Preferred Stock, Series C Preferred Stock, Series D Preferred Stock and Series E Preferred Stock and related rights to receive or purchase shares of common stock, were canceled on the Effective Date.
No shares of the Company’s common stock, Series A Preferred Stock, Series B Preferred Stock, Series C Preferred Stock, Series D Preferred Stock or Series E Preferred Stock will be reserved for future issuance in respect of claims and interests filed and allowed under the Confirmed Plan or pursuant to the exercise of any rights, options or other obligations of the Company to issue its common stock, Series A Preferred Stock, Series B Preferred Stock, Series C Preferred Stock, Series D Preferred Stock and/or Series E Preferred Stock, except for shares of the Company’s common stock that were converted into New Parent Common Stock in accordance with the Confirmed Plan, as further described under Item 3.03.
Item 3.03. |
Material Modification to Rights of Security Holders. |
As previously reported on August 23, 2024 and provided in the Confirmed Plan, the obligations of the Company under any certificate, Interest, share, note, bond, indenture, purchase right, option, warrant, intercreditor agreement, guaranty, indemnity or other instrument or document directly or indirectly evidencing or creating any indebtedness or obligation of or ownership interest in the Company or giving rise to any Claim or Interest, were canceled solely as to the Company, and the Company does not have any continuing obligations thereunder and was released therefrom on the Effective Date.
Pursuant to the Confirmed Plan, all outstanding Equity Interests were canceled on the Effective Date and no shares were reserved for future issuance in respect of Claims and Interests filed and Allowed under the Confirmed Plan, except for shares of the Company’s common stock that were converted into New Parent Common Stock in accordance with the Confirmed Plan, as further described below.
Before the Effective Date, nominees on behalf of the Holders of Allowed General Unsecured Claims formed MNSN Holdings Inc., which is herein referred to as “New Parent”, and New Parent formed MNEQ Merger Sub, Inc., which is herein referred to as “Merger Sub”. On the day following the Effective Date and in accordance with the Confirmed Plan, Merger Sub merged with and into the Company, with the Company surviving as a wholly-owned subsidiary of New Parent. By virtue of such merger and in accordance with the Confirmed Plan, the shares of the Company’s common stock (which were issued to New Equityholders on the Effective Date) were converted into New Parent Common Stock. Accordingly, none of the shares of the Company’s common stock remain outstanding as of the date hereof, and trading on the over-the-counter markets has ceased after the Effective Date.
Item 5.01. |
Changes in Control of Registrant. |
On the Effective Date, all Equity Interests that existed immediately prior to the Effective Date were canceled and no shares have been reserved for future issuance in respect of Claims and Interests filed and Allowed under the Confirmed Plan, except for shares of the Company’s common stock that were converted into New Parent Common Stock in accordance with the Confirmed Plan, as further described in Item 3.03. The information in the Introductory Note and Item 3.03 is incorporated by reference into this Item 5.01.
Item 5.02. |
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
The Confirmed Plan provides that on the Effective Date, all directors, officers and managers of the Company will be removed from their position without any further action. Each of the Company’s directors, including Beverly Kay Matthews, Eric A. Benhamou, Elizabeth Burr, Richard D. Daniels, Alison Davis, Joel P. Friedman, Thomas King, Jeffrey N. Maggioncalda, Mary J. Miller, Kate D. Mitchell, Garen K. Staglin, Allen Parker, Steven G. Panagos, and the Company’s remaining officers, including Bill Kosturos, Chief Restructuring Officer, Nicholas Grossi, Interim Chief Financial Officer, and Jeff Liu, Assistant Chief Restructuring Officer, ceased to be directors and officers of the Company on the Effective Date.