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Pets.com to finalize liquidation plans
By Lucas Merian, Computerworld
January 3, 2001 2:31 am PT
PETS.COM ANNOUNCED IT will hold a stockholders' meeting Jan. 16 to finalize liquidation plans for the failed online pet-supply retailer.
Pets.com also restated in its final proxy statement to the Securities and Exchange Commission, filed Dec. 13, 2000, that it would give Chairman and CEO Julia Wainwright and nine other executives retention bonuses ranging from $75,000 to $225,000 and severance pay of as much as $235,000.
The company announced its plans to shut down and lay off most of its workforce in early November after it couldn't find new investors or a buyer.
"We believe that the proceeds stockholders could receive over time is up to approximately $0.25 per share," the filing stated.
Seattle-based Amazon.com owns 8,973,029 shares, or 24.5 percent, of Pets.com's common stock and Pets.com executives and officers own another 16,474,319, or 44 percent.
Stockholders are expected to get the initial distribution of liquidation proceeds sometime in 2001, according to the SEC filing.
"Thereafter, as we liquidate our remaining assets and properties we will distribute available liquidation proceeds, if any, to stockholders as the board of directors deems appropriate," the SEC filing reads. "We anticipate that the majority of the remaining liquidation proceeds will be distributed over a period of three years."
For more enterprise computing news, go to www.computerworld.com . Copyright (c) 2000 Computerworld. All rights reserved.
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