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1952: Stockholders of Crosley Motors, Inc. to discuss recapitalization plan., 12/3/2012, 12:00 am

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  • Crosley@yahoogroups.com
    Reminder from: Crosley Yahoo! Group http://groups.yahoo.com/group/Crosley/cal 1952: Stockholders of Crosley Motors, Inc. to discuss recapitalization plan.
    Message 1 of 1 , Dec 2, 2012
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      Reminder from: Crosley Yahoo! Group
       
      Title: 1952: Stockholders of Crosley Motors, Inc. to discuss recapitalization plan.
       
      Date: Monday December 3, 2012
      Time: 12:00 am - 12:00 am
      Location: Cincinnati, Ohio., Crosley Car Owners Club (CCOC), 4526 29th Avenue, Kenosha WI 53140-3044, (262) 652-3034
      Notes: The Cincinnati Stock Exchange announces that a special meeting of Crosley Motors stockholders has been set for December 12, 1952, at which a proposed financial revamping plan will be acted upon. The concept calls for increasing the value of Crosley common stock from $6 to $10 a share and the exchange of one share of new $10 par stock for each twenty shares of old stock, plus an issue of new common stock of which 28,462 shares would be outstanding after the exchange of new stock. A new class of 2,716 convertible preferred stock would be issued with a par value of $1,000 per share. Crosley Motors, Inc. secretary Frank W. Knowlton of Akron, Ohio outlines a proposal to refund a debt of about $3,054,510 to Powel Crosley, Jr., money he loaned Crosley Motors out of his personal estate to attempt to keep the Company afloat in its final years.
       
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