Lynch Interactive Stake of 17% Held by Gates' Cascade (Update1) LIC
Ellen - hope this helps - good luck
Washington, Dec. 20 (Bloomberg) -- Cascade Investment LLC, a
company that invests on behalf of Microsoft Corp. co-founder Bill
Gates, disclosed that it purchased a $25 million promissory note
from Lynch Interactive Corp.
ALSO
LYNCH INTERACTIVE CORPORATION ANNOUNCES ANTICIPATED GAIN ON
Redemption of East/West Preferred and
Consideration of Raising Capital
Business & High Tech Editors
RYE, N.Y.--(BUSINESS WIRE)--Oct. 25, 1999--Lynch Interactive
Corporation (AMEX: LIC) announced today that as a result of the
proposed acquisition of East/West Communications, Inc. (NASDAQ: EWCM)
by Omnipoint Corporation (NASDAQ: OMPT), which was announced on
Friday, October 22, 1999, its redeemable preferred stock in East/West
will be redeemed, at the time the acquisition closes. The total
proceeds from redemption will be in excess of $8 million and at that
time, Interactive will recognize a pre-tax gain in excess of $4.0
million, or $1.70 per share after tax provision.
Lynch Interactive also noted that it has under consideration
various alternatives for raising additional capital to be used to
accelerate growth in its telecommunications operations.
In addition, Lynch Interactive reiterated that it has an option
to sell a minority interest it owns in a cellular operation in New
Mexico ("put option"). This put option is currently exercisable and
expires in early 2002. If exercised subsequent to January 2001, the
minimum exercise price would be $5 million. It is anticipated that
when this option is exercised, it will result in a pre-tax gain of
approximately $4.8 million, or $2.00 per share after tax provision.
This put option had been previously announced by the Company.
This release contains certain forward looking information which
is based on certain assumptions, projections and estimates, including
without limitation satisfaction of the conditions to the East/West
merger and satisfactory market conditions. As a result it is subject
to uncertainties, risks and inaccuracies which could be material.
Lynch Interactive is a diversified company with subsidiaries in
multimedia and services, and actively seeks acquisitions, principally
in existing business areas. Lynch Interactive is listed on the
American Stock Exchange under the symbol LIC. The Company's World Wide
Web address is: lynchinteractivecorp.com.
NYSE/AMEX delayed 20 min. NASDAQ delayed 15 min. |
