Exhibit 99.1
STATE OF MICHIGAN
IN THE CIRCUIT COURT FOR OAKLAND COUNTY
| In the Matter of Handleman Company | Case No. | –CZ | ||||
Petitioner. | Hon. | |||||
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Lara Fetsco Phillip (P67353)
Andrew J. Lievense (P68925)
HONIGMAN MILLER SCHWARTZ & COHN LLP
Attorneys for Petitioners
2290 First National Building
660 Woodward Avenue
Detroit, Michigan 48226
(313) 465-7518
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ORDER OF LIMITED SUPERVISION OVER POST-DISSOLUTION
LIQUIDATION OF HANDLEMAN COMPANY AND DECLARING
SHARES IN HANDLEMAN COMPANY NON-TRANSFERABLE POST-DISSOLUTION
At a session of said
Court, held in the City of Pontiac,
County of Oakland, State of Michigan
on MAY 20, 2009,
Present: Hon: RUDY J. NICHOLS
Petitioner Handleman Company (“Handleman”) having filed a Petition for a Court Order of Limited Supervision over Post-Dissolution Liquidation of Handleman Company and Declaring Shares In Handleman Company Non-Transferable Post-Dissolution (“Petition”); Handleman having filed a motion seeking the same relief (“Motion”); the Court having read the Petition and Motion; the Court having held a hearing on the Petition and Motion; and the Court being otherwise fully advised in the premises;
This Court finding that the declaration that shares of Handleman’s stock share be non-transferable is in the best interest of the creditors and shareholders of Handleman;
IT IS HEREBY ORDERED that the Court shall exercise limited supervision over the liquidation of Handleman Company for the purpose of declaring shares in Handleman non-transferable post-dissolution.
IT IS FURTHER ORDERED that shares in Handleman shall become non-transferable 30 days after a Form 8-K has been filed notifying the Securities and Exchange Commission and shareholders that this Order has been entered.
| This ORDER resolves the last pending claim and closes this case. | RUDY J. NICHOLS | |||
| Oakland County Circuit Court Judge |
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