📅 - Genuity (genuity.com) said it believes its shareholders will not receive any proceeds from the liquidation of its remaining assets, according to a Wednesday filing with the Securities and Exchange Commission (SEC).
The SEC filing detailed the situation: ?Due to uncertainties regarding the potential claims against Genuity and the amount of available proceeds, it is not possible to predict when the liquidation will be completed or how much will be available for distribution to creditors. Genuity believes that its stockholders will not receive any proceeds from the liquidation and that its common stock will have no value in connection with the liquidation.? Genuity filed for bankruptcy protection on November 27, 2002. It was acquired by Level 3 Communications on February 4 , 2003, and exited the managed hosting portion of Genuity's business on April 4, 2003.
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