So, BRIN used to exist as a public company, and back then Reed Benson was an officer of the co, just like today.
BRIN was bought by Data Broadcasting corp in June of 1995, and after that referred to as the "ISN" subsidiary (In-Store Network) in Data Broadcasting filings.
From Bloomberg News:
Broadcast International, Data Broadcasting Merger Ratified
New York, June 29 (Bloomberg) -- Shareholders of Broadcast International Inc. and Data Broadcasting Corp. approved the merger of the two companies in a transaction valued at about $47.7 million.
Under terms of the agreement, each Broadcast International share will be converted into $2.35 in cash and 1.01408 Data Broadcasting common shares.
Data Broadcasting shares closed up 1/16 at 5 5/8 on 90,500 shares, while Broadcast International shares closed down 1/16 at 7 11/16 on 8,900 shares.
The combined company, which is to be called Data Broadcasting Corp., will have annual revenue in excess of $100 million and about 31 million shares outstanding, the companies said.
The transaction is expected to be completed tomorrow.New York based-Data Broadcasting provides wireless, real-time financial market data and news.
Midvale, Utah-based Broadcast International develops and markets satellite telecommunications systems.
In the Data Broadcasting Corp 10K for 1999 you can find this gem:
In the third quarter of 1997 the Company adopted a plan to dispose of its CheckRite ("CRI") and ISN businesses. In the second quarter of 1998 DBC adopted a plan to dispose of its interest in LCN due to the disappointing pace of subscriber additions. The results of operations for these businesses have been reported as discontinued operations. The loss from discontinued operations was $23,675,000 ($0.73 per share) for 1997 and $7,756,000 ($0.24 per share) for 1998. These losses were primarily due to the non-cash write-off of the net assets of the businesses and the related tax expense. Prior to the initial write-off, the net assets included $34,239,000 of unamortized
goodwill. CRI was sold in 1998. Subsequent to year-end, DBC sold ISN and closed LCN.
Subsequent to year end, the Company has continued to buyback its own shares. The Company is currently authorized to buy up to 4,000,000 shares, of which 3,160,000 had been purchased through September 22, 1999. In August 1999, DBC received $3,995,000 for the sale of ISN.
So in 1997 Data Broadcasting basically have up on the BRIN business, a company they had bought only 2 years earlier for $47mm+. It took them 2 years to even find a buyer...and in 1999 Data Broadcasting sold BRIN (aka ISN) back to BRIN management for a hair under $4mm., less than 10% of what they paid for it in 1995. Thats some return on their investment.
Buyer Beware! |
