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Technology Stocks : METROMEDIA FIBER NETWORK (MFNX) -- Ignore unavailable to you. Want to Upgrade?

To: Dennis O'Bell who wrote (785)	1/14/2000 4:53:00 PM
From: Dennis O'Bell	Respond to of 1983

C'est une blague ou quoi??? They come out of the woodwork sometimes. Metromedia Fiber Sued by Two Who Claim They Are Owed 15% Stake New York, Jan. 14 (Bloomberg) -- Metromedia Fiber Networks was sued by two men who claim they are owed a 15 percent stake in the company as compensation for helping it locate financing prior to its 1997 initial public offering. Herman Goldsmith and Arnold S. Schickler sued in New York State Supreme Court in Manhattan yesterday. Metromedia, which builds and leases high-speed Internet networks in and between large U.S. cities, declined to comment. Goldsmith and Schickler assert that a 1993 ``finders agreement' between themselves and Metromedia gives them the right to purchase a 15 percent stake in the company for $1,000. They claim that their right to the stock was triggered when the company agreed in 1995 to sell 1 million shares to Vento & Co. of New York LLC, a company run by Gerald T. Vento, who also agreed to become chief executive of Metromedia. Goldsmith and Schickler had introduced Metromedia Chairman and Chief Executive Stephen Garofalo to Vento, the suit says. Last Sept. 7, Goldsmith and Schickler mailed the company checks for $1,000 and demanded 15 percent of the outstanding stock, the suit says. The company rejected their request, the suit says. The suit seeks $860.6 million, representing the value of 15 percent of Metromedia as of Sept. 7. Vento is now chairman and chief executive of Telecorp PCS Inc., an Arlington, Virginia-based company that provides wireless personal communications services as an affiliate of AT&T Wireless. Ed Spiro, an attorney for the plaintiffs, declined to explain the four-year delay in demanding the stake