The fractional share
was combined by the brokerage house with
Buying a jet, or even a fractional share
of one, can run well into the millions and require a multiyear commitment.
A fractional share
, a unit of stock less than one full share, cannot be traded on the market.
The bank, brokerage or nominee who holds the shares must advise the Depository Trust Company ("DTC") as to their full and fractional share
requirements by March 21, 2007.
The deadline for brokers and nominees to notify the disbursing agent of full and fractional share
requirements is June 8, 1993.
The fractional shares
will be purchased at the a pro rated purchase price based on the resulting post split fractional share
owned multiplied by $10.
The exact number of shares that each claimholder ultimately receives pursuant to the Plan is dependent on the final total of allowed claims and other factors, such as unclaimed distributions and fractional share
In lieu of any fractional share
otherwise issuable to any holder in respect of the conversion, the Corporation will pay an amount, in cash, to the holder thereof equal to the same fraction of the current market price of a share of common stock (current market price calculated as the average of the daily closing prices for the five consecutive trading days prior to December 1, 2006).
In lieu of issuing fractional shares
, the Company will round the conversion figure for the new shares up to the nearest full share for each stockholder who would otherwise be entitled to receive a fractional share
The Bank will pay cash in lieu of any fractional shares
in an amount equal to the fair market value of such fractional share
as determined by a certified independent appraisal.
Should any distribution of new common stock result in a claimholder being entitled to the receipt of a fractional share
, AAWW's disbursing agent will retain the fractional share
until a distribution would result in a whole number of shares being distributed to the claimholder on the next applicable distribution date.
If the aggregate number of shares of the company's common stock a shareholder would otherwise receive in the special distribution consists of a fractional share
or a whole number of shares plus a fractional share
, such shareholder will receive, in lieu of that fractional share
, an amount of cash equal to the market value of that fractional share
determined for purposes of the special distribution as described above.