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Technology Stocks : CyberCash a buy? -- Ignore unavailable to you. Want to Upgrade?

To: VANTAGE who wrote (2737)	1/15/1999 12:38:00 PM
From: Kevin	Respond to of 3990

MKTW opens at 95! LOL! (eom)

To: VANTAGE who wrote (2737)	1/15/1999 5:43:00 PM
From: Flatiron	Respond to of 3990

CyberCash Settles Holder's Suit Over Hostile Takeover Defense Wilmington, Delaware, Jan. 15 (Bloomberg) -- CyberCash Inc.,a leading provider of electronic payment services, has agreed to settle a shareholder's lawsuit over the company's adoption of a controversial anti-takeover defense, court papers show. CyberCash officials have agreed to drop their company's so-called ''dead-hand'' poison pill defense and pay $140,000 in lawyers' fees and costs to end a suit brought by shareholder Matthew Lubrando. Lubrando filed suit in Delaware Chancery Court in Wilmington challenging the provision, according to a settlement agreement filed with the court. Poison pills make takeovers prohibitively expensive by allowing existing shareholders to buy discounted shares when a hostile bid is made. The dead-hand version of the defense can only be deactivated by the directors who enact it -- even if they are no longer on the board. ''The settlement. . . is fair, reasonable, adequate and in the best interest of the plaintiff and the class of stockholders,'' the court papers said.<P>At least 15 companies incorporated in Delaware have dropped the dead-hand poison pill defense in the wake of a Chancery Court ruling in July that cast doubt on their legality, according to filings with the U.S. Securities and Exchange Commission. Officials of Reston, Virginia-based CyberCash said their company's poison-pill defense was in accord with Delaware law and settled the suit to avoid continued litigation. The provisions are controversial, as critics claim they can unfairly put power in the hands of directors who have already been ousted by shareholder votes. CyberCash shares rose 5/16 to 19 3/4.