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The Plan of Reorganization filed by Jim Palmer Trucking in November 2008 calls for paying unsecured creditors 34% of the allowed claim through 48 monthly payments commencing 180 days after the Order of Confirmation.
Creditors had until January 12, 2009 to file objections to the Plan of Reorganization and a hearing in the case is scheduled for today. The objection filed by ActionView cites several specific grounds for the company's objection to the disclosure statement. As a significant creditor in the case, ActionView is acting as chairman of the unsecured creditors committee.
"ActionView International is working closely with its legal representatives in this matter in order to protect the interests of the company and its shareholders," commented ActionView International CEO Steven R. Peacock. "As stated soon after the Plan of Reorganization was filed, we do not believe that it adequately addresses the interests of ActionView International, as part of a class of unsecured creditors, particularly regarding the amount and timetable of the repayment of monies owed. We will continue to keep our shareholders informed as the case continues forward."
After the Jim Palmer Trucking bankruptcy case was filed, ActionView International management expressed several issues of concern, including its close proximity in time to Jim Palmer Trucking's acceptance of the loan from ActionView International.
About ActionView International, Inc.
ActionView International's operating subsidiary custom-designs, develops, and manufactures vividly illuminated motion billboards. ActionView places its signs into high traffic locations and markets advertising space on the signs. ActionView shares advertising revenue generated from the billboards with advertising agencies, the local business partner and the location owner. The benefit to advertisers is exposure in high traffic locations at reasonable costs due to the scrolling feature and multiple advertisers. For additional information about ActionView, please visit the company's website at www.actionviewinternational.com.
Forward-Looking Statements
This release contains 'forward-looking statements' within the meaning of the Securities Exchange Act of 1934. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, goals, assumptions or future events or performance are not statements of historical fact and may be 'forward-looking statements.' Forward-looking statements are based on expectations, estimates and projections at the time the statements are made that involve a number of risks and uncertainties which could cause actual results or events to differ materially from those presently anticipated.
Contact: Gemini Financial Communications, Inc. A. Beyer 951-677-8073 Email Contact
SOURCE: ActionView International, Inc.
http://www2.marketwire.com/mw/emailprcntct?id=04EE25AC42CEEB6F
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