May 9, 2003-- Home Textiles Today,
Troy, MI — Kmart has posted a page on its Web site attempting to explain why its former common stock is no longer any good.
On a page titled "Shareholder FAQ's" the retailer answered questions such as, "Is there still a trading market for Kmart Corporation common stock?" (No.) "Why aren't the holders of Kmart's former common stock receiving any distribution…?" (They are the lowest in priority.) "Will holders of Kmart's former common stock receive a certificate reflecting their interests in, or rights to receive proceeds, if any, from the Creditors' Trust?" (No.)
Kmart formally emerged from bankruptcy Wednesday. After briefly hitting a high of $16.00 per share yesterday, the new stock issue fell more than 10 percent by yesterday's close. In late morning trading today, new shares of Kmart stock were trading over-the-counter at $12.35, down $0.50 from the morning's open. Kmart's new stock symbol is KMRT.OB.
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