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| On
June 12, 2002, FrontLine Capital Group ("FrontLine" or the
"Company") filed a voluntary petition for relief under
Chapter 11 of the United States Bankruptcy Code in the United States
Bankruptcy Court for the Southern District of New York (the
"Bankruptcy Court"). The Company remains in possession of
its assets and properties, and continues to operate its business and
manage its property as a debtor-in-possession under the jurisdiction
of the Bankruptcy Court.
According to the Form 8-K FrontLine filed with the SEC on October 15, 2003, "FrontLine does not currently anticipate that there will be sufficient funds available to fully pay allowed claims in the bankruptcy case. Accordingly, it is not likely that shareholders of FrontLine will receive any distribution in the bankruptcy."
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