LTV Repeats: Common Stock is Worthless
CLEVELAND, March 12 /PRNewswire-FirstCall/ -- In response to a growing number of inquiries from the public, The LTV Corporation (OTC Bulletin Board: LTVCQ) today repeated that the shares of its common stock (LTVCQ.OB, posted on the OTC Bulletin Board) are worthless. The Company believes that the value obtained from the liquidation of its assets will not be sufficient to provide a recovery for common shareholders. Shareholders will not receive any value as a result of the recently announced sale of integrated steel assets to WL Ross & Co., LLC. LTV also stated that LTV shareholders will not receive equity in either WL Ross or the new steel company. "We continue to be concerned," said Glenn J. Moran, chairman and chief executive officer of The LTV Corporation, "that unsuspecting or uninformed investors are purchasing LTV shares in the erroneous belief that the Company will resume operations and emerge from Chapter 11 as a viable, continuing business. We also are concerned that investors incorrectly may believe that the recently announced steel tariffs will add value to LTV common shares." Mr. Moran said that LTV Steel ceased all steel operations in December of 2001 and has contracted to sell its integrated steel assets. These assets will never again operate as part of LTV. He also noted that the sale of assets will not benefit shareholders. LTV urged investment counselors and brokers to familiarize themselves and their clients with the status of the LTV bankruptcy and to discourage the purchase of LTV common shares. The LTV Corporation, along with 48 subsidiaries, filed voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code on December 29, 2000. The cases were filed in the U.S. Bankruptcy Court, Northern District of Ohio, Eastern Division and jointly administered as Case No. 00-43866. On December 7, 2001, the U.S. Bankruptcy Court issued an order authorizing the implementation of an Asset Protection Plan ("APP"). The APP includes the shutdown and sale of all integrated steel assets. The Plan also provides for the continued operation and sale of Copperweld and LTV's tubular products business. The LTV Corporation believes that shares of its common stock are worthless because the value expected to be generated by the sale of assets would be insufficient to provide a recovery for common shareholders. MAKE YOUR OPINION COUNT - Click Here http://tbutton.prnewswire.com/prn/11690X34131413RELATED LINKS
SOURCE LTV Corporation
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