Financial & Shareholder Information
On December 18, 2001
The LTV Corporation advised persons trading LTV common stock that the
Corporation believes its shares are worthless. LTV common stock is
posted on the Over-the-Counter Bulletin Board (LTVCQ). The company
does not expect that common shareholders will receive any value through
the implementation of the bankruptcy court-approved Asset Protection Plan
or through a Plan of Reorganization under Chapter 11 of the U.S.
also said that it did not expect sufficient value to be generated by the
sale of assets to provide a recovery for common shareholders.
LTV has requested from
the Securities and Exchange Commission relief from financial reporting
requirements of Section 13(a) of the Securities Exchange Act of 1934, as
related to the Company's intention to cease filing of Annual Reports on
Form 10K and Quarterly reports on Form 10Q. The Company also
communicated its desire to terminate the registration of its securities
under the Exchange Act.
On December 7, 2001
the U.S. Bankruptcy Court, Northern District of Ohio, Eastern Division,
approved implementation of LTV's Asset Protection Plan (APP). The
APP provided for the cessation of production, hot idling of steelmaking
facilities, sale and liquidation of the integrated steel assets. The
APP also approved LTV's plan to sell the assets of LTV Copperweld, its