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Microcap & Penny Stocks : Emerson Radio Corp (MSN) -- Ignore unavailable to you. Want to Upgrade?

To: Tony Rome who wrote (2079)	12/21/1998 2:28:00 PM
From: Tony Rome	Read Replies (1) \| Respond to of 3501

TO ALL===below is a post I just picked up from another board.Im looking everywhere at the moment for you guys and gals. All news,positive or negative should be shown. It gets more complicated with every story. Tristan Mabry Staff Reporter of The Wall Street Journal PARSIPPANY, N.J. -- Shares of Emerson Radio Corp. soared more than 33% after the consumer-electronics distributor said Oaktree Capital Management LLC and private investor Kenneth S. Grossman proposed buying more than 29.1 million shares, or 60% of Emerson's stock outstanding, currently held by the company's chairman and chief executive officer, Geoffrey P. Jurick. Oaktree and Mr. Grossman offered 50 cents for each of Mr. Jurick's shares, or more than $14.6 million, but the shares are no longer his to sell: Mr. Jurick's stake in Emerson has already been pledged to a group of creditors to help settle his private debts. Margot Schonholtz, an attorney for Ronald Spitzer, one of Mr. Jurick's creditors, declined to comment. Representatives for two other creditors couldn't be reached. In addition to Mr. Jurick's holdings, Oaktree and Mr. Grossman have offered the funds needed to retire the $6.9 million of Emerson convertible debt it doesn't already own. By combining Mr. Jurick's shares with Emerson's debt, Oaktree and Mr. Grossman would together own more than 70% of the company. Also included in their proposal was a replacement, or renegotiation, of Emerson's working capital facility. Because of the complexities involved, "it won't be a short closing," said Emerson's chief financial officer, John Walker, adding that "if other people as smart as Oaktree come in and see how undervalued the company is, then it's possible we'll receive other offers before our shareholder meeting at the end of January." At Oaktree, a Los Angeles-based investment partnership, officials declined to comment. Mr. Grossman couldn't be reached. Emerson said Oaktree and Mr. Grossman don't "currently anticipate changing Emerson's operating management or its strategic course." In addition to marketing household appliances, Emerson also controls a 28% stake in sporting-goods distributor Sport Supply Group Inc., Mr. Walker said. Shares of Sport Supply Group gained 50 cents, or 7.7%, to close at $7 Friday in New York Stock Exchange composite trading. Emerson Radio soared 12.5 cents to close at 50 cents a share in very heavy trading on the American Stock Exchange. This looks like an article from last evening=====TONY===== --------------------------------------------------------------------------------