Regards INNN, it does not appear as if they are getting any significant cash out of their reorganization plan. The $38.4 MM is actually a settlement of old debt and a "substantial portion" of the additional $10.0 MM is going to creditors. Here are the terms of the full settlement:
biz.yahoo.com
Monday April 26, 12:25 pm Eastern Time
Company Press Release
Interactive Network, Inc. Completes Settlement Agreement with TCI,
Motorola, NBC, and Sprint
BELMONT, Calif.--(BUSINESS WIRE)--April 26, 1999--Bruce Bauer, Chairman and CEO of Interactive Network, Inc. (Nasdaq:INNN - news), announced today that on April 22, 1999, the US Bankruptcy Court's order confirming its plan of reorganization had become non-appealable and final.
The Company further announced that today, April 26, 1999, the Settlement Agreement with TCI, NBC, Sprint, and Motorola was completed. The results are as follows:
-- The $38.4 million in principal and accrued interest of the
Company's notes were converted by TCI, NBC, Sprint, and Motorola
(noteholders) at $5.00 per share into 7,814,588 shares of
Interactive Network, Inc. common stock.
-- The return of clear title of Interactive Network's patent
portfolio and other assets to the Company.
-- The noteholders paid $10 million plus accrued interest to
Interactive Network. The Company has allocated a substantial
portion to pay its creditors and to form a reserve account for
the claims of creditors it is disputing.
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Contact:
Interactive Network, Inc., Belmont
Bruce W. Bauer, 650/508-8793 |
