INDIANAPOLIS — Company stockholders have approved Championship Auto Racing Teams, Inc.’s plan of liquidation and dissolution, which was offered for vote at a Special Meeting of Stockholders held from Dec. 13-29, 2005. Championship Auto Racing Teams, which previously owned and operated the Champ Car World Series, has sold all of its operating assets and is in the process of winding up its affairs.
The company also announced that, pursuant to the plan of liquidation and dissolution, it filed a certificate of dissolution with the Delaware Secretary of State on Dec. 29, 2005. Effective as of the close of business on December 29, the company closed its stock transfer books and will no longer record transfers of its shares (except by will, intestate succession or operation of law).
Finally, the company announced that its board of directors has approved a cash distribution of 29 cents per share to stockholders of record as of the close of business on Dec. 29, 2005. It is anticipated that a transmittal letter and instructions for receiving the distribution will be mailed by the company’s transfer agent to such stockholders on Dec. 30, 2005.
The company has set aside funds as a contingency reserve for potential liabilities, expenses and obligations during its three-year wind-down period. If no longer necessary, portions of the contingency reserve may be distributed to the company’s stockholders of record as of the close of business on Dec. 29, 2005 during or at the conclusion of our three-year wind-down period, as determined by the company’s board of directors or its liquidating trustee.
After the liabilities, expenses and obligations for which the contingency reserve was established have been satisfied in full, any remaining portion of the contingency reserve will be distributed to such stockholders. However, the company said there can be no assurance that any additional distribution will be made, or that any such distribution will be material in amount.
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