Next week we will see th new 10k. We will most likly see the cosemation of thr Tecnica + Volki purchase of 85% of Marker INT stock for $15M. below is background from past SEC documents. Full text is at sec.gov
Series B Preferred Stock
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On August 24, 1998, the Company issued and sold 1,000,000 shares of its
Series B Preferred Stock, $0.01 par value (the "Series B Preferred Stock"), for
an aggregate purchase price of $3,000,000 to Henry E. Tauber, the then President
of Marker International.
Each share of Series B Preferred Stock is convertible, at the option of
the holder, at any time, into shares of Common Stock of the Company at a rate of
one and one-third shares of Common Stock for each share of Series B Preferred
Stock. Holders of the Series B Preferred Stock have the right to one vote for
each share of Common Stock into which such Series B Preferred Stock is
convertible. Holders of the Series B Preferred Stock are entitled to receive
annual dividends payable either in cash, at the rate of $0.27 per share, or by
the issuance of 9/100 of a share of Series B Preferred Stock, at the election of
the Company. Such dividends are cumulative; however, accrued and unpaid
dividends do not bear interest.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (continued)
The Company temporarily ceased binding production at its ski binding
manufacturing facility as of November 16, 1998. The Company plans to resume
binding production in April 1999. This temporary production shutdown was
scheduled in order to decrease inventory levels. The Company's manufacturing
facility, which is located in Germany, receives financial assistance from the
German government which partially offsets expenses that are incurred during the
period that the production assembly line is closed. In connection with a German
government program, the German government compensates employees who are affected
by the shutdown of the assembly line while the Company pays employee taxes and
all other fixed costs associated with the factory during this time period.
Marker told me last week the plant in Germany is back producing bindings. |
