NEW ORLEANS, June 27 /PRNewswire/ -- Gentilly Racing Corporation announced
today that, at a special meeting of shareholders held on June 26, 2008, the
shareholders adopted a plan to dissolve and liquidate the Corporation. Bryan
G. Krantz, President of the Corporation, was appointed to act as liquidator.
Mr. Krantz informed the shareholders that, after reserving funds for certain
contingent liabilities, he anticipated that there would be an initial
liquidating distribution of approximately $2,200 per share (after giving
effect to the 200-to-1 reverse stock split which occurred in December 2000)
with a final liquidating distribution of remaining funds at the conclusion of
the liquidation process. The initial liquidating distribution is expected to
be made in about 45 days.
Prior to the sale of its racing and gaming assets to Churchill Downs,
Incorporated in October 2004, the Corporation was known as Fair Grounds
Corporation and operated the Fair Grounds Race Course in New Orleans,
Louisiana.
SOURCE Gentilly Racing Corporation
Bryan G. Krantz of at Gentilly Racing Corporation, +1-504-466-9788
