Hanover Direct control moves to hedge fund
December 1, 2003,
Edgewater, NJ — Hanover Direct said today that it has completed the recapitalization of its company with hedge fund Chelsey Direct, which now controls the company.
Hanover agreed to exchange 564,819 shares of a newly issued Series C preferred stock and 81,857,833 shares of newly issued common stock for the 1,622,111 shares of Series B preferred stock previously held by Chelsey Direct.
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