XXXXX XXXPORATION. By: /s/ Gordxx Xxxxx --------------------------------------- Title: CEO -------------------------------------
XXXXX XXXPORATION. This Agreement shall inure to the benefit of and be binding upon the Company and Consultant, their respective successors, executors, administrators, heirs and permitted assigns.
XXXXX XXXPORATION. By: -------------------------------------------- Its: -------------------------------------------
XXXXX XXXPORATION. By /s/ Gordxx Xxxxx ---------------------------------- Gordxx Xxxxx Chairman of the Board and Chief Executive Officer
XXXXX XXXPORATION. By -------------------------------------
XXXXX XXXPORATION. By: /s/ Gordxx Xxxxx ------------------------------------------------- Title: CEO ---------------------------------------------- WILLXXX XXXXXX /s/ Willxxx Xxxxxx ---------------------------------------------------- Date: 2/19/01 -----------------------------------------------
XXXXX XXXPORATION. By /s/ Richxxx X. Xxxxxxx ---------------------------------------
XXXXX XXXPORATION. By /s/ Richxxx X. Xxxxxxx ----------------------------- Richxxx X. Xxxxxxx, Senior Vice President-Finance
XXXXX XXXPORATION. The Borrower, together with other companies, certain former officers, and certain current and former directors, has been named as a co-defendant in lawsuits filed in federal court in New York in 1993. The suits purport to be class actions on behalf of all persons who have unsatisfied personal injury and property damage claims against Keenx Xxxporation which filed for bankruptcy under Chapter 11. The premise of the suits is that assets of Keenx xxxe transferred to Bairnco subsidiaries, of which the Borrower was one in 1983, at less than fair value. The suits also allege that the Borrower, among other named defendants, was a successor to and alter ego of Keenx. Xx 1994, an examiner was appointed by a bankruptcy court to examine the issues at stake. On September 23, 1994, the "Preliminary Report of the Examiner" was made public. In the report, the examiner stated that the alleged fraudulent conveyance claims against the Borrower appear to be time-barred by the statute of limitations, subject to certain possible exceptions which the Borrower does not believe are significant or factual. Although the examiner has made certain recommendations regarding a mechanism to resolve the claims against the Borrower, the Court has not taken any action related to the report. Nevertheless, in the Borrower's opinion, the report reinforces management's original view that the claims will ultimately not be sustained. Accordingly, no provision has been reflected in the consolidated financial statements for any alleged damages. In June 1995, the creditors' committee filed a complaint in the same bankruptcy court asserting claims against the Borrower similar to those previously filed. On June 12, 1996, the United States District Court for the Southern District of New York (the "District Court") issued an order confirming Keenx'x xxxn of reorganization. That order subsequently became final and, on July 31, 1996, the plan became effective. As a result of the effectiveness of the plan, (i) the claims asserted in the Adversary proceeding have been transferred to a creditors' trust established under the plan, and (ii) the further prosecution of the Huffxxx xxx Colexxx xxxions has been enjoined. In addition, following the confirmation of the plan, pursuant to the Stipulation of Settlement among the Borrower, Keenx, xxe Committee, the Legal Representative for Future Claimants and certain corporate and individual defendants in the Adversary Proceeding, the stay of the Adversary Proceeding ...
XXXXX XXXPORATION. By /s/ Gordxx Xxxxx -------------------------------------
