SEC Form 4

FORM 4		UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940	OMB APPROVAL OMB Number: 3235-0287 Estimated average burden hours per response: 0.5
X	Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person* Vaughan Frank P (Last) (First) (Middle) THE ICE HOUSE DEAN STREET (Street) MARLOW BUCKINGHAMSHIRE X0 SL7 3AB (City) (State) (Zip)	2. Issuer Name and Ticker or Trading Symbol CRG Liquidation CO [ CRNS ]	5. Relationship of Reporting Person(s) to Issuer (Check all applicable) Director 10% Owner X Officer (give title below) Other (specify below) CFO, Sr. Vice President
	3. Date of Earliest Transaction (Month/Day/Year) 08/01/2007
	4. If Amendment, Date of Original Filed (Month/Day/Year)	6. Individual or Joint/Group Filing (Check Applicable Line) X Form filed by One Reporting Person Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Shares	08/01/2007		M(1)(2)		25,000(3)	A	$5.25	33,000	D
Common Shares	08/01/2007		M		10,000(4)	A	$4.875	43,000	D
Common Shares	08/01/2007		F		11,250(5)	D	$16	31,750	D
Common Shares	08/01/2007		D		31,750(6)	D	$16	0	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Option	$5.25	08/01/2007		M			25,000	(7)	02/03/2010	Common Shares	25,000	$0.00	10,000	D
Stock Option	$4.875	08/01/2007		M			10,000	(8)	01/08/2011	Common Shares	10,000	$0.00	0	D

Explanation of Responses:

1. The acquisitions and dispositions reported on this Form 4 were effected in connection with the sale of all of the Issuer's assets and assumption of all of the Issuer's liabiities (the "Assets Sale") by CRX Acquisition Ltd. (the "Purchaser"), pursuant to the Asset Purchase Agreement between the Issuer and the Purchaser dated as of February 28, 2007. The closing of the Assets Sale took place on August 1, 2007, and promptly thereafter, the Issuer commenced its dissolution and liquidation. In connection therewith, the Issuer is distributing to its shareholders a liquidating distribution of $16.00 per share (the "Liquidating Distribution").

2. Each of the acquisitions and dispositions reported on this Form 4 was approved by the Compensation Committee of the Issuer's Board of Directors and is accordingly an exempt transaction pursuant to SEC Rule 16b-3(d) or 16b-3(e).

3. These shares were acquired upon the exercise of the first option listed in Table II below.

4. These shares were acquired upon the exercise of the second option listed in Table II below.

5. In order to facilitate the participation of the Issuer's optionholders in the Liquidating Distribution, the Compensation Committee authorized the optionholders' participation in the liquidation of the Issuer through the exercise of stock options on a "net issuance" basis, meaning that, upon exercise of the reporting person's options, a number of shares otherwise issuable to the reporting person were withheld by the Issuer to pay the exercise price of the options. This line item reports the shares withheld by the Issuer to cover the exercise price of the reporting person's options.

6. Shares disposed of to the Issuer in exchange for the Liquidating Distribution.

7. This option vested in four equal annual installments beginning on 2/4/2001.

8. This option vested in four equal annual installments beginning on 1/9/2002.

Remarks:

	/s/ Frank P. Vaughan By: /s/ Elinor A. Wexler, Attorney-in-fact	08/01/2007
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
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