SAN FRANCISCO, CA (PRWEB) May 27, 2004
FiNet.com, Inc. (OTCBB: FNCMQ.PK) and its wholly owned subsidiary Monument Mortgage, Inc. today announced that the United States Bankruptcy Court, at a hearing held yesterday, approved the CompaniesÂ Disclosure Statement as containing information of a kind and in sufficient detail to enable a hypothetical reasonable investor to make an informed judgment whether to vote to accept or reject the Plan of Reorganization proposed by the Companies.
A hearing on confirmation of the Plan has been set for Monday, June 28, 2004 at 9:30a.m. in the United States Bankruptcy Court.
The Official Unsecured CreditorsÂ Committee, represented by Pachulski, Stang, Ziehl, Young, Jones & Weintraub P.C., supports the Plan and recommends that unsecured creditors vote to accept the Plan.
Mr. Harry R. Kraatz, Chairman and Chief Executive Officer of FiNet and Monument Mortgage Inc., stated that, ÂThe Plan represents a comprehensive and fair proposal for the treatment of outstanding claims of creditors.Â The Plan provides for the return of collateral to the secured creditors and payment in full to administrative and certain priority creditors. Unsecured creditors will receive a Pro Rata distribution of $400,000 and any net recovery, after payment of all costs and expenses, from all Avoidance Actions and all actions against non-released officers and directors of the Debtors.
More information about the CompaniesÂ reorganization case may be obtained from the Clerk of The United States Bankruptcy Court for the Northern District of California, whose office is located at 235 Pine Street, 19th Floor, and San Francisco, California 94104. Information regarding the reorganization may also be obtained from the FiNetÂs web site at http://www.FiNet.com.
About FiNet.com and Monument Mortgage:
FiNet.com, Inc. is a financial services holding company. Monument Mortgage, Inc., a wholly owned subsidiary, conducts diversified mortgage banking and brokering operations and is a provider of both traditional and online mortgage services to a diversified customer base consisting of mortgage lenders, mortgage brokers, real estate agents and consumers.
Certain statements and information included in this press release constitute ``forward-looking statements'' within the meaning of the Federal Private Securities Litigation Reform Act of 1995. They reflect, when made, the Companies' current views with respect to current events and financial performance, and are and will be, as the case may be, subject to many risks, uncertainties and factors relating to the Companies' operations and business environment which may cause the actual results of the Companies to be materially different from any future results, express or implied, by such forward-looking statements. The Companies intend that such forward-looking statements be subject to the Safe Harbor created by Section 27(a) of the Securities Act of 1933 and Section 21E of the Securities and Exchange Act of 1934. The words and phrases "expect", "estimate", "anticipate" and similar expressions identify forward-looking statements. Certain factors that could cause actual results to differ materially from these forward-looking statements include, but are not limited to, the following: the ability of the Companies to continue as a going concern; court approval of the Companies' first day papers and other motions prosecuted by them from time to time; the ability of the Companies to develop, prosecute, confirm and consummate one or more plans of reorganization with respect to the chapter 11 cases; risks associated with third parties seeking and obtaining court approval to terminate or shorten the exclusivity period for the Companies to propose and confirm one or more plans of reorganization, for the appointment of chapter 11 trustees or to convert the cases to chapter 7 cases; the ability of the Companies to obtain trade credit, and shipments and terms with vendors and service providers for current orders; the Companies' ability to maintain contracts that are critical to their operations; potential adverse developments with respect to the Companies' liquidity or results of operations; the ability to fund and execute its business plan; the ability to attract, retain and compensate key executives and associates; and the ability of the Companies to attract and retain customers. Additional discussion of factors that could cause the actual results to differ materially from management's projection, forecasts, estimates and expectations is contained in the Companies' Form 10-K and other SEC filings. The Companies disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.