SOUTHFIELD, MI (STL.News) Origen Financial, Inc. (“Origen”) (OTC US: ORGN), announced Friday 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.