August 04, 1998
Address Problems Slow Kleid Disbursements
The Kleid Co. has collected $6.2 million (70 percent of receivables) and disbursed $4.6 million to creditors in its bankruptcy proceedings, but deliveries have been slowed by address problems. CFO John Hughes urges those who still owe receivables of $2.7 million to mail to Kleid's correct address: 362 Fifth Ave., Suite 1202, New York, NY 10001-2210. Kleid can be reached at 212/244-3341. Hughes would like to assure former employees with 401k money tied up that Kleid hopes to complete negotiations with plan executor Smith Barney within a month. Plan holders will be subject to a 5 percent charge only if their 401k balances are moved from Smith Barney. Hughes could not speculate on when the IRS will approve termination of Kleid's 401k plan.