Starfire Holding Corporation agreed to acquire the remaining 47.3% stake in Voltari Corporation (OTCPK:VLTC) for $2.5 million on December 7, 2018. Starfire Holding Corporation and its affiliates own 4.74 million shares of Voltari and offered to acquire the remaining at $0.58 per share in cash. As of February 19, 2019, the offer per share has been increased to $0.68 per share of common stock in cash, subject to the same conditions set forth in our original offer letter. As of February 25, 2019, the offer per share has been increased to $0.8 per share of common stock in cash, subject to the same conditions set forth in our original offer letter. Starfire Holding Corporation entered into a definitive agreement to acquire the remaining 47.3% stake in Voltari Corporation (OTCPK:VLTC) on March 22, 2019. Under the terms of the agreement, Starfire Holding Corporation will acquire the remaining stake at $0.86 per share in cash and each of the issued and outstanding 13% Redeemable Series J Preferred Stock, not owned by Starfire Holding Corporation and its affiliates will be converted automatically into the right to receive an amount equal to the redemption price, net to the seller in cash, without interest. Under the terms of the transaction, post-closing, Voltari will become a wholly-owned subsidiary of Starfire, and the its common stock will be deregistered and will no longer be traded on the OTCQB Marketplace or any other public market. Starfire Holding intends to fund the transaction with cash on hand. The transaction is subject to approval by a special committee of independent directors of Voltari, approval by the majority shareholders of Voltari, receipt of the majority of the minority stockholder approval and other customary conditions. As of May 3, 2019, Voltari Corporation announced that a special meeting of shareholder will be held to approve the transaction. As of August 20, 2019, Voltari adjourned the special meeting of its common stockholders, scheduled to be held on the same date, in connection with a vote to adopt the Merger Agreement (the “Special Meeting”). Because there were insufficient votes at the time of the Special Meeting to adopt the Merger Agreement, the Company’s common stockholders approved a proposal to adjourn the Special Meeting until 10:00 A.M., local time, on September 12, 2019. As on January 10, 2019, Voltari announced formation by its Board of Directors of a special committee of independent directors to consider the offer. The special committee is comprised of Peter K. Shea, Jaffrey (Jay) A. Firestone and Kevin Lewis. As of March 22, 2019, The Board of Directors of Voltari have unanimously approved the transaction. As of September 24, 2019, Voltari common stockholders approved the transaction. At the special meeting of stockholders of Voltari Corporation held on September 12, 2019, the Unaffiliated Stockholder Vote had not been satisfied. Accordingly, the special meeting is being adjourned and will reconvene on September 24, 2019. As of September 24, 2019, Voltari held a special meeting of its common stockholders to adopt the previously disclosed agreement. The transaction is expected to be completed by third quarter of 2019. Alvarez & Marsal acted as the financial advisor and also provided fairness opinion to Voltari. Steven Khadavi of Dorsey & Whitney acted as the legal advisor for the special committee of Voltari. Todd Mason and Corby J. Baumann of Thompson Hine LLP served as legal advisors to Starfire Holding Corporation on the transaction. James E. Bedar of Brown Rudnick LLP served as legal advisor to Voltari on the transaction. D.F. King & Co., Inc. acted as information agent and will be paid a fee of $0.02 million by Voltari. Alvarez & Marsal will be paid a fee of $0.16 million as compensation for its services, $0.08 million of which was paid as non refundable retainer and the remainder on delivery of fairness opinion. Troutman Sanders LLP acted as legal advisor to the special committee of the Board of Directors of Voltari Corporation. Starfire Holding Corporation completed the acquisition of the remaining 47.3% in Voltari Corporation (OTCPK:VLTC) on September 24, 2019.