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Technology Stocks : COMS & the Ghost of USRX w/ other STUFF -- Ignore unavailable to you. Want to Upgrade?

To: David Lawrence who wrote (17568)	10/29/1998 12:02:00 PM
From: Moonray	Read Replies (1) \| Respond to of 22053

T -120, Godspeed John Glenn. o~~~ O

To: David Lawrence who wrote (17568)	10/30/1998 4:14:00 AM
From: Diana Schilke	Read Replies (1) \| Respond to of 22053

And here's one for the old Ghost. Norcross, Ga.-Based Modem Firm Asks Court to Cancel Founder's Contract Knight-Ridder/Tribune Business News Wednesday, October 28, 1998 3:22AM Oct. 28 (The Atlanta Journal and Constitution/KRTBN) via NewsEdge Corporation - ATLANTA--Hayes Corp. has asked a federal judge to cancel its contract with Dennis Hayes, a move that deprives the company's founder of his office, his car and a $400,000 salary. Filed in federal court in Delaware, the action is part of the Norcross, Ga.-based Hayes Corp.'s request for bankruptcy protection filed Oct. 9. Chief Executive Ron Howard said Tuesday that terminating the contract with Dennis Hayes is just one of many measures aimed at saving the troubled company. Hayes last week resigned as the chairman and was replaced by Howard. Hayes had given up the posts of chief executive and president in 1996 as the company emerged from a previous sojourn in Chapter 11. However, he remains a member of the board of directors. Dennis Hayes declined comment, citing legal advice. However, there is no secret about his tempestuous relationship with Howard, who arrived in the merger late last year with his firm, Access Beyond. A number of ranking employees have since departed Hayes Corp., many not amicably. Among former and current employees -- especially those with long years at the company -- are many who say Dennis Hayes has been treated unfairly: -- As soon as Hayes resigned from the chairman's role, his office was cleaned so Howard could use it on his trips to Norcross. -- At the same time, he lost his car and driver, a long-time perk for Hayes, who has problems with his sight. -- Other executives who have left the company in recent months have received generous severance packages. But Howard says his moves are justified as well as necessary. Canceling the contract saves money, but also conforms to corporate bylaws. "Dennis' ongoing role is that of a director. He doesn't have operations responsibility. And this company doesn't compensate any of its outside directors. This (contract) was a significant agreement and this is not a normally operating healthy company." A firm in Chapter 11 must avoid unneeded expenses, including severance, he said. Other contracts will also be broken as the company struggles to right itself, and anyone who believes he is owed money can get in line, Howard said. "In essence, Dennis becomes a creditor." Dennis Hayes founded D.C. Hayes Associates in 1978, buying out partners along the way as the company helped define the modem industry. But its market share eroded and its technology fell behind, and Hayes hit hard times. The company -- then known as Hayes Microcomputer Products -- sought bankruptcy protection in 1994, emerging two years later. At its peak, Hayes employed about 1,200 people and had revenues of $250 million. The company now has about 500 employees and revenues of less than $200 million.