Columbo is back
Tomato Man==Clarification on Cinemasurround,
MODEL-MICRO 10.It comes with a Sub Woofer that
has an integrated amplifier built in.The built
in amplifier powers the entire system without
the need for separate audio components.That is
all I know about the system.
FLYINTIGRESS AND ALL========Below is the info
in regard to the first decision rendered in court
case.I hope he doesn't change his mind.
Emerson Radio announces final settlement of all litigation relating to reorganization financing
PARSIPPANY, N.J. -- June 14, 1996 -- Emerson Radio Corp. (AMEX:MSN) announced today that Emerson and its chairman and controlling shareholder, Geoffrey P. Jurick, have entered into a final settlement agreement with Jurick's former partners, Donald and Petra Stelling and entities under their control as well as certain third party claimants relating to shares of Emerson and a number of investments and venture-stage companies jointly controlled by Jurick and the Stellings.
The settlement resolves in Jurick's favor the ownership of approximately 75% or 29.2 million shares, of Emerson's outstanding common stock held by Jurick and his affiliates and provides for the payment of $49.5 million allocated among all claimants, other than Jurick and his affiliates who will separately receive $3.5 million, payable out of future sales of Emerson common stock held by Jurick and his affiliates.
Such shares will be sold over an extended number of years by a financial advisor to be selected by Emerson in consultation with the various claimants and Jurick.
The litigation ensued following Donald Stelling's unexpected resignation as chairman of Emerson on Dec. 2, 1993, and the simultaneous withdrawal of his family's contractually committed financial support to Emerson's then-pending Chapter 11 reorganization.
The resignation of Stelling was the first step in the Stelling- initiated unraveling and dissolution of a number of Stelling/Jurick controlled investment vehicles primarily incorporated in the Bahamas and the United States.
Emerson commenced litigation against the Stellings for breach of contract and breach of fiduciary duty following the successful consummation of Emerson's reorganization with substitute equity capital raised by Geoffrey Jurick and supplemented by new credit facilities arranged by Emerson.
The settlement agreement, which ultimately will be enforced through an order issued by Judge Nicholas Politan in the Federal District Court in Newark, N.J., and which will only become effective after the return later this year of certain share certificates currently held in foreign jurisdictions, also provides mechanisms to minimize competition with Emerson in raising funds in the capital markets, restricts the sale of any of the shares in a manner that may unreasonably impact the value of shares held by outside shareholders and restricts any change of control, which would negatively impact on Emerson's current or future credit arrangements, other than as specifically permitted by action of disinterested members of Emerson's board of directors.
Gene Davis, president of Emerson, said, "We are gratified that the litigation over these matters is at an end. While Emerson had suffered due to the abandonment by the Stellings and their affiliates during our restructuring process, the principal damage has been done to Mr. Jurick and his affiliates, who chose to stand by their commitments to Emerson, enabling Emerson to continue to serve its employees, creditors, customers, vendors and shareholders. This settlement reflects a reaffirmation of Geoffrey Jurick's long- term commitment to Emerson, its shareholders, and strategic plan.
"Emerson is also pleased that, through the hard work and effective mediation of Judge Politan, a global settlement has been achieved that removes any cloud of uncertainty over ultimate control of the company and its dedication to its long-term plan of profitability and growth.
"The various provisions of the settlement agreement confirm Mr. Jurick's control over Emerson and Emerson's control over its own destiny and takes specific note of the interests of its minority shareholders."
Emerson Radio Corp., founded in 1948, is headquartered in Parsippany. The company designs and markets, throughout the world, full lines of televisions, home and personal security equipment, timepieces, car audio, home theater, video and audio and microwave oven products.
CONTACT: Emerson Radio Corp., Parsippany
Eugene I. Davis, 201/428-2000
or
KCSA Public Relations, New York
Adam I. Friedman or Joseph A. Mansi, 212/682-6300
ext. 215/205
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