Auric Goldfinger's Short List Message Board

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Non-Tech : Auric Goldfinger's Short List

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To: Sir Auric Goldfinger who started this subject	6/2/2002 1:21:18 PM
From: rupers	Read Replies (2) of 19428

AREM Update AremisSoft reorganization approved by Soma Biswas Updated 06:48 PM EST, May-31-2002 AremisSoft Corp., the Minneapolis-based bankrupt software maker, received approval for its reorganization plan from the U.S. Bankruptcy Court for the District of New Jersey, in Newark. A hearing on the confirmation of the plan is scheduled for June 28, the company said in a May 30 press release. According to the reorganization plan, AremisSoft's shareholders will get 39.5% of the stock of SoftBrands, the operating subsidiary of AremisSoft, and the class-action plaintiffs in a shareholder lawsuit against the company will get the remaining 60.5% of the shares. The company filed for Chapter 11 bankruptcy protection in March to codify the company's settlement with shareholder plaintiffs. The Securities and Exchange Commission investigated AremisSoft and its shareholders sued the company for inflating the value of revenues, contracts and acquisitions. thedeal.com

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