Citibank -West-, FSB, Issues Announcement Regarding its CALGZs
May 06 2005 - 12:30PM
Business Wire
Citibank (West), FSB, announced that, on May 4, 2005, it received a
notice from NASDAQ regarding its Contingent Litigation Recovery
Participation Interests (CALGZs). The CALGZs are securities that
entitle holders to a percentage interest in the cash recovery, if
any, after certain deductions, in a 1992 lawsuit brought by
California Federal Bank, a predecessor of Citibank (West), FSB. The
lawsuit is California Federal Bank v. The United States of America,
Civil Action No. 92-138C filed on February 28, 1992, in the United
States Court of Federal Claims. The notice stated that the CALGZs
have not maintained a minimum market value of publicly-held units
of $1 million as required by Marketplace Rule 4450(c). NASDAQ will
notify the Bank that the CALGZs will be delisted unless the market
value of the publicly-held CALGZs has been at least $1 million for
a minimum of ten consecutive trading days by August 2, 2005. At May
5, 2005, the closing price of a CALGZ on NASDAQ was $0.04 and there
were 5,077,323 outstanding CALGZs. Citibank (West), FSB, is a
member of Citigroup (NYSE:C), the leading global financial services
company, which has some 200 million customer accounts and does
business in more than 100 countries, providing consumers,
corporations, governments and institutions with a broad range of
financial products and services, including consumer banking and
credit, corporate and investment banking, insurance, securities
brokerage, and asset management. Major brand names under
Citigroup's trademark red umbrella include Citibank, CitiFinancial,
Primerica, Smith Barney, Banamex, and Travelers Life and Annuity.
Additional information may be found at www.citigroup.com.
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