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EXHIBIT 99.1
NOTICE TO T&W FINANCIAL CORPORATION SHAREHOLDERS
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OF OBJECTION DEADLINE & HEARING ON
PROPOSED PLAN OF LIQUIDATION
TACOMA, WASH--DECEMBER 28, 2000--T&W FINANCIAL CORPORATION (NASDAQ: TWFCQ) (the
"Company") announced that the Company and its subsidiary, T&W Financial Services
Company L.L.C. have filed a joint Plan of Liquidation in their bankruptcy
proceedings, jointly administered, in the United States Bankruptcy Court for the
Western District of Washington at Tacoma under Case No. 00-39007. On December
21, 2000, the Honorable Paul B. Snyder approved the Company's Disclosure
Statement associated with the plan and provided that notice to Company
shareholders be given by press release and the filing of a Securities and
Exchange Commission Form 8-K. Shareholders are deemed to have rejected the plan
and will not be required to vote.
The Plan of Liquidation provides for appointment of a plan administrator to
liquidate assets and provides for payments to priority and general unsecured
creditors from proceeds of specified assets pursuant to settlement with certain
financial institutions. These financial institutions hold large secured and
unsecured claims against the debtors. The bankruptcy estates of the Company and
its subsidiary hold disputed bankruptcy litigation claims against these
financial institutions. Under the plan, the estates will release claims against
the financial institutions in exchange for contribution of assets, partial
release of security and other interests, and assignment of proceeds of certain
causes of action by the financial institutions. Although the plan is expected
to generate a partial distribution to general unsecured creditors, the plan
expressly provides for no distribution to shareholders of the Company and all
stock will be cancelled as of the effective date of the plan.
The hearing on confirmation of the plan will be held in the Courtroom of the
Bankruptcy Judge commencing on January 24, 2001, at 8:30 a.m. Pacific Standard
Time, and continuing, if necessary, on January 25, 2001, at 8:30 a.m. Pacific
Standard Time, and on continued dates if so ordered by the Court without further
notice. Any objections to the plan must be in writing, filed pursuant to
Federal Rules of Bankruptcy Procedure 3020(b) with the Clerk, United States
Bankruptcy Court, Western District of Washington, 1717 Pacific Avenue, Tacoma,
Washington 98402, and served on the United States Trustee, 600 Park Place
Building, 1200 Sixth Avenue, Seattle, Washington 98101, and counsel for the
debtor, Marc Barreca, Preston Gates & Ellis LLP, 701 Fifth Avenue, Suite 5000,
Seattle, WA 98104, no later than 4:30 p.m. Pacific Standard Time, on or before
January 16, 2001.
Contact:
Bankruptcy Counsel, Marc Barreca, Preston Gates & Ellis LLP,
c/o Jeanne Martin, Paralegal 206/467-8429
