Bankruptcy Judge OKs Altec Stock Distribution

Altec Corp., an Anaheim maker of high fidelity sound equipment, said a U.S. Bankruptcy Court judge in Santa Ana has approved the company’s plans to disburse about $100,000 to its holders of its Series B preferred stock--equal to 29 cents per share--before dissolving the company.

Preferred shareholders will receive their dividends after the company pays more than $5 million to business creditors. The company said there will be no assets left to distribute to its common stock shareholders. Altec filed for bankruptcy reorganization in September, 1983.