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Pastimes : SPIDER & RICO'S 'NO-BASH' THREAD FOR LGCY !!! -- Ignore unavailable to you. Want to Upgrade?

To: Spider Valdez who wrote (55)	10/18/1998 12:12:00 PM
From: Spider Valdez	Respond to of 296

Legacy restructures, names chair LOS ANGELES, Sept 15 (Reuters) - Legacy Software Inc. said Tuesday said it has elected a new chairman, Michael Zwebner, and three new board members as part of its restructuring agreement with privately held Videocall International Corp. The restructuring, announced in agreement of September 4, between Legacy and Videocall International Corp., followed a series of debt reducing initiatives, the company said in a statement. Legacy will remain a publicly traded company, said William Sliney, chief financial officer. Zwebner the founder of Videocall, a video conferencing provider, has served as its chairman since February 1998. From 1991 to 1997, he founded and then served as vice-president of Cardcall International Holdings Inc. (USA). The three new Legacy board members are Videocall officers. Eugene Rosov, currently Videocall director president and chief executive officer, will become Legacy's new president. Alexander Walker Jr. is director and general counsel to Videocall. Michael Cuzner-Charles has served as Videocall director and advisor since July 1998. Under the restructuring plan, C. Robert Kline, will remain on the board and Legacy's chief executive officer. CFO Sliney remains chief financial officer, vice president and a member of the board. Ivan Rosenberg remains on the board as well. Zwebner's appointment follows the resignation of outgoing chairwoman, Ariella Lehrer, who resigned. Lehrer will start Legacy Interactive Inc. and was given development and certain distribution rights to the company's Legacy's Emergency Room title series in turn for removal of significant debt on the Lagacy Software's balance sheet.