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Strategies & Market Trends : Sharck Soup -- Ignore unavailable to you. Want to Upgrade?

To: Sharck who wrote (26555)	6/7/2001 2:33:15 PM
From: Softechie	Read Replies (1) \| Respond to of 37746

DJ Neon Commun Liens -3: Neon: Fiber Optek Claims Misleading 07 Jun 14:31 In a separate release Thursday, Neon Communications Inc. (NOPT) said it isn't seeking protection under the federal bankruptcy laws from its creditors. Earlier Thursday, Fiber Optek said it filed mechanic's liens against certain real properties of Neon Optics Inc., a Neon Communications unit. In response, Neon said Fiber Optek's press release was "materially misleading," and an attempt by the contractor to pressure the settlement of disputed contractual claims, following Neon's termination of its agreement with Fiber Optek. Neon said the liens are on a small portion of its network, and total $1,178,393 out of a total network with a a book value of $192 million. Neon plans to have the liens removed and plans to have the contractor enjoined from filing further liens. The company will also seek damages for the cost of "correcting the work done by the contractor." In reponse to Fiber Optek's concerns about Neon Optics cash flow, Neon said it recently announced $28 million of new funding from various alternatives. Neon Communications stock recently traded at $5.20, down 95 cents or 15.4%, on Nasdaq volume of 2,478,800 shares, compared with average daily volume of 219,641 shares. -Yun-Hee Kim; Dow Jones Newswires; 201-938-5388 -0 (MORE) DOW JONES NEWS 06-07-01 02:31 PM