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Technology Stocks : Nam Tai Elec. (NTAI)

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To: Ron Bower who wrote (1565)	3/29/1999 12:10:00 AM
From: Ron Bower	Read Replies (2) of 1696

South China Morning Post Monday March 29 1999 Ailing Albatronics hit by legal action DENISE TSANG The majority shareholder of Albatronics (Far East) is suing the CD-player maker for breaching a contract, pushing it closer to liquidation. Albatronics said yesterday it had yet to reach an understanding with creditors over cash assistance. Its outstanding debts were $825 million at the end of last month. It said it was seeking solutions to stay in business and continuing talks with creditors and majority shareholder Nam Tai Electronics. Winding up Albatronics was an alternative, it added. A writ filed by Nam Tai on Friday claimed compensation from Albatronics over a contract signed on September 11 last year. In the contract, chairman Wakaki Kaizo and managing director Nakahara Fukumori "severally undertook" not to offload any of their shares in the company during the 12 months to December 1, 1999. The undertaking was part of a share placement and subscription, which saw Nam Tai subscribe 200 million new Albatronics shares for $70 million. The litigation arose from Albatronics' revelation that Mr Nakahara's 10.87 per cent stake was trimmed by a creditor to 8.02 per cent last month. Almost all of Mr Nakahara's stake was pledged to an unnamed financial institution for personal loans. However, the financial institution promised it would not dump further shares as Mr Nakahara had agreed to settle unpaid loans.

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