In the early 1990s Solitron filed for reorganization in the Bankruptcy Court for the Southern District of Florida (Case No. 92-30190-BKC-RAM) and the Court approved a distribution from Solitron to the City of Riviera Beach of 65,027 shares of Solitron common stock. The stock is recorded as an asset on the books of the Utility Special District.
The Board of the Utility Special District has expressed its desire to sell the 65,027 shares of Solitron common stock.
The parties have agreed that in consideration of a payment of $279,616.10, the City will sell the common stock to Solitron upon the terms and conditions provided in the Agreement.