BEACHWOOD, Ohio, Jan. 22, 2019 /PRNewswire/ -- AmFin Financial Corporation (AFNL) ("AmFin"), the former holding company for AmTrust Bank, today announced that it completed the plan of reorganization adopted in 2011 as part of its bankruptcy case that was filed in 2009. AmFin has paid in full all claims in the bankruptcy and continues to hold certain assets. AmFin will hold a meeting of its shareholders on Saturday, January 26, 2019 to elect a new board of directors and amend its articles of incorporation so that AmFin may engage in activities other than those to implement the plan of reorganization.
While AmFin was operating under its plan of reorganization, Ronald Glass of GlassRatner Advisory & Capital Group LLC served as AmFin's chief executive officer. Now that the creditors have been paid in full, Mr. Glass no longer serves as chief executive officer, and that role has been assumed by Robert Goldberg, a former chief executive officer of AmFin. After the January 26 meeting of shareholders, the newly elected board will determine management roles going forward.
"We are proud that AmFin has been able to meet all of its obligations under the plan of reorganization and now has the opportunity to, ultimately, provide value to our shareholders," said Mr. Goldberg. "AmFin is in the process of reviewing its holdings and the records that were maintained by GlassRatner while Mr. Glass served as CEO," continued Mr. Goldberg.
AmFin has not issued financial statements during the pendency of the bankruptcy but intends to do so after completing its review of the information from GlassRatner about the company's assets and operations.
AmFin holds minority investments in various limited partnerships, two of which have invested in real estate development projects and others, in which AmFin has smaller investments, that are involved in other types of activities. "It is not possible to place accurate values on AmFin's investments because they are privately held, illiquid investments, controlled by third parties, and the amount that may ultimately be realized is uncertain," stated Mr. Goldberg.
After satisfying all bankruptcy claims, AmFin has temporarily invested the majority of its currently available cash in U.S. Treasury bills with a face value of approximately $14.8 million, which represents a substantial portion of the total holdings of AmFin at this time. Mr. Goldberg noted that he expects, once the new board is in place, that it will explore a variety of more permanent investment opportunities.
Currently, AmFin's common shares are quoted in the Pink Market under the symbol "AFNL". There is no assurance that any market making activity currently being conducted or any other trading activity in the shares will continue. AmFin currently has 161,421 shares outstanding, a majority of which are owned by various members of the Goldberg family.
SOURCE AmFin Financial Corporation