SOUTHFIELD, Mich., Dec. 27, 2019 /PRNewswire/ -- Origen Financial, Inc. ("Origen") (OTC US: ORGN), announced today that it is dissolving effective December 31, 2019. The dissolution is pursuant to a Plan of Dissolution which was approved at a special meeting of stockholders on November 12, 2014.
Upon final liquidation and winding up, Origen will distribute all remaining funds by a liquidating distribution as soon as practical. Origen currently estimates that the liquidating distribution will be in the range of $0.10 to $0.12 per share and will be made in the first quarter of 2020. The estimated per share liquidating distribution amount and timing are subject to change for unforeseen expenses and contingencies and will depend on the actual cost of estimated wind down expenses and how quickly Origen can complete the wind down process. Origen will announce the actual liquidating distribution amount and record and payment dates when they are determined.
Effective upon dissolution on December 31, 2019, Origen's stock transfer books will be closed and no further transfers of shares by record shareholders may be made; trades of beneficially-owned shares may still be made in the over-the-counter markets.
This press release contains various "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, and Origen intends that such forward-looking statements will be subject to the safe harbors created thereby. The words "will," "may," "could," "expect," "anticipate," "believes," "intends," "should," "plans," "estimates," "approximate," "range" and similar expressions identify these forward-looking statements. These forward-looking statements reflect Origen's current views with respect to future events, but involve known and unknown risks and uncertainties, both general and specific to the matters discussed in this press release. These risks and uncertainties may cause Origen's actual results to be materially different from any future results expressed or implied by such forward-looking statements. Such risks and uncertainties include, among others, the foregoing assumptions, and the expenses incurred in winding down the company. The forward-looking statements contained in this press release speak only as of the date hereof and Origen expressly disclaims any obligation to provide public updates, revisions or amendments to any forward-looking statements made herein to reflect changes in Origen's expectations or future events.
SOURCE Origen Financial, Inc.