SHERMAN OAKS, Calif., Feb. 5, 2018 /PRNewswire/ — ICPW Liquidation Corporation (OTC PINK: ICPWQ), formerly known as Ironclad Performance Wear Corporation, today announced that the Company and its subsidiary (the Debtors), together with the Official Committee of Equity Security Holders (the OCEH and together with the Debtors, the Plan Proponents), filed a Joint Plan of Liquidation with the U. S. Bankruptcy Court, Central District of California, San Fernando Valley Division. Among other matters, the Joint Plan of Liquidation provides for the cancellation of all outstanding shares of the Company’s common stock, an initial estimated distribution to record holders as of a to-be-determined record date of approximately 11.28 cents per share within 90 days following confirmation of the Joint Plan of Liquidation, and a path to a final distribution to the same record holders within 12 to 24 months following the initial distribution.
While the Joint Plan of Liquidation remains subject to further revision by the Plan Proponents, the Bankruptcy Court has scheduled a hearing on February 12, 2018 to consider the confirmation of the Joint Plan of Liquidation. The Debtors can provide no assurance that the Bankruptcy Court will confirm the Joint Plan of Liquidation at such hearing.
Among other matters, the Joint Plan of Liquidation provides that on its effective date, which will be the first business day at least 15 days following the date of entry of the Bankruptcy Court order confirming the Joint Plan of Liquidation and the satisfaction or waiver by the Plan Proponents of certain conditions to the effectiveness of the Joint Plan of Liquidation, the outstanding shares of the Company’s common stock will be cancelled in exchange for non-transferrable beneficial interests in a trust (the Trust) to be established as of the effective date of the Joint Plan of Liquidation. The purpose of the Trust is, among other matters, to distribute proceeds to holders of beneficial interests in the Trust (the Trust Beneficiaries) and investigate and, if appropriate, pursue all claims and causes of action that belong to the Debtors’ bankruptcy estates that are assigned to the Trust for the benefit of the Trust Beneficiaries.
The Trust Beneficiaries will be holders of record (the Record Holders) of shares of the Company’s common stock as of the date determined in accordance with the Joint Plan of Liquidation (the Record Date). The Company has requested that the Financial Industry Regulatory Authority (FINRA)