Anthony @ Equity Investigations, Dear Anthony, Message Board

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Strategies & Market Trends : Anthony @ Equity Investigations, Dear Anthony,

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To: Mama Bear who wrote (51384)	2/4/2000 8:46:00 PM
From: RockyBalboa	of 122087

Barb, that sounds familiar: biz.yahoo.com Takeout at zero. Common & Preferred holders got shortchanged. Looks like such "takeouts" will happen frequently in the dotcom sector, later this century... Tuesday February 1, 1:30 pm Eastern Time Schlumberger unit to acquire CellNet Data SAN CARLOS, Calif., Feb. 1 (Reuters) - Telemetry services provider CellNet Data Systems Inc. (NasdaqNM:CNDS - news) announced on Tuesday it will be acquired by a unit of oil field services company Schlumberger Ltd. (NYSE:SLB - news) for $55 million in cash and the assumption of $120 million in debt and other liabilities. CellNet said its acquisition by Schlumberger Resource Management Services would be handled through a Chapter 11 filing and requires bankruptcy court approval, which the company expects to complete by the end of April. If the court approves the transaction, CellNet's 14 percent Senior Discount Notes and liabilities not assumed by Schlumberger will share in the $55 million cash, the company said in a statement. No value will be allocated to the current equity of the company's common stock and the 7 percent Exchangeable Preferred Securities of CellNet Funding LLC (NasdaqNM:CNDSP - news). Under the agreement, Schlumberger will provide short-term funding to enable CellNet to continue its ongoing operations. ''This transaction ensures that CellNet continues to provide superior network service to its current utility customers, and continues to deploy and market its networks and technology,'' John LaMacchia, CellNet chief executive officer, said in a statement. ''We value our supplier relationships and are working to keep those relationships intact as CellNet begins the transition to becoming a part of the Schlumberger RMS team.'' he added.

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