UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
Current Report Pursuant
to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of report (Date of earliest event reported): October 13, 1999
KENETECH CORPORATION
(Exact Name of Registrant as Specified in Its Charter)
Delaware
(State or Other Jurisdiction of Incorporation or Organization)
33-53132 94-3009803
(Commission File Number) (I.R.S. Employer
Identification Number)
500 Sansome Street, Suite 410
San Francisco, California 94111
(Address of Principal Executive Offices) (Zip Code)
(415) 398-3825
(Registrant's Telephone Number, Including Area Code)
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Item 5. Other Events.
KENETECH Corporation OTCBB: KWND announced today that the Court of Chancery
of the State of Delaware entered judgment in favor of KENETECH in an action
brought by former holders of its preferred stock. In the action-captioned
Quadrangle Offshore (Cayman) LLC and Cerberus Partners, L.P. v. KENETECH
Corporation, plaintiffs alleged, among other things, (1) that KENETECH was in
liquidation and had been in liquidation prior to the mandatory conversion of the
preferred stock on May 14, 1998, (2) that the plaintiffs were entitled to
receive a liquidation preference for each share of preferred stock in any
distribution KENETECH might make, and (3) that KENETECH had acted in bad faith
with respect to the holders of preferred stock. Vice Chancellor Myron T. Steele
ruled in favor of KENETECH on all counts and denied the relief requested by
plaintiffs.
Mark Lerdal, President and CEO of KENETECH stated, "The Company is pleased
with the Court's decision. We can now move forward with this cloud removed."
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
KENETECH Corporation
(Registrant)
Date: October 14, 1999 By: _________________________________
Mark D. Lerdal
President and Chief Executive Officer
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