Tempe, Arizona (PRWEB) March 15, 2012
International Leisure Hosts, Ltd., has announced that the shareholders have ratified and approved a Plan of Dissolution of the Company (the “PLAN”) with 76% (598,572) of the outstanding shares (788,733) voting for approval and only 0.01% (79) voting against.
The sale of all of the Wyoming operating assets relating to Flagg Ranch Resort has been completed and all funds have been received.
Subsequent to the approval, the Company received a “Demand to Inspect the Records of International Leisure Hosts, LTD,” from two shareholders. International Leisure Hosts, Ltd. is fully cooperating with the shareholders and allowing access to review the books and records, pursuant to applicable law.
The costs to the company (legal, accounting, etc.) and length of time necessary to fully respond to the demand is uncertain at this time. Therefore, it is not possible for the company to make any final determination regarding either the assets available for dissolution or the plan previously approved. The company on the advice of legal counsel is postponing any further action regarding the plan until all issues and requests pertaining to the demand have been fully and finally resolved.
The board has invoked its responsibilities to take no further action relative to the plan of dissolution, pending completion of the review of the records and all other issues related to the Demand.
The company will continue to look for investment opportunities including investments to make a return on the funds available as well as other possible business opportunities. If the company enters into another operating business the Plan of Dissolution will be terminated.
The present plans are for the company to continue operating until all outstanding issues are resolved.
The company will reconsider the Plan of Dissolution and make a partial liquidating payment or a dividend in the future when the issue with the two shareholders is resolved and the reserve for unknown liabilities can be reduced, providing liquid funds are available.