Rare Medium behält seine Millionen, weil Aktionäre sich vom Deal mit Motient Corp. nicht genug versprachen!
Das gibt neue Fantasie und so bleibt Rare Medium ( WKN 891555 ) erstmal selbständig.
Hier die Meldung:
Motient Lays Off 25%, Cancels Rare Medium Deal
RESTON, VIRGINIA, Oct 01, 2001 (Newsbytes via COMTEX) -- Wireless messaging
company Motient Corp. [Nasdaq:MTNT] this morning said it has laid off 25 percent
of its workforce, canceled its acquisition of Rare Medium Group Inc.
[Nasdaq:RRRR] and missed a $20.5 million interest payment due today.
The Reston company said in a statement that the layoffs will occur at its Reston
and Lincolnshire, Ill., locations. Motient employed 482 at the end of February,
according to the company's 2000 annual report filed with the Securities and
Exchange Commission.
Motient further said the boards of directors of both companies "mutually agreed
to terminate" the acquisition of Rare Medium. Subsequently, a $50 million Rare
Medium loan to Motient has been extended to next Monday, and Motient will not go
through with an announced 1-for-10 reverse split of its stock, the statement
said.
Motient announced its plans to acquire New York Web design and software firm
Rare Medium for about $200 million in cash and stock in May. In return, Motient
would get access to tens of millions of dollars in badly needed cash that Rare
Medium had on its books. But some Rare Medium shareholders objected to the deal,
claiming they weren't getting enough out of it.
Motient also said it will not make an interest payment due today on debt carried
by its 12.25 percent senior notes and it has hired an unidentified financial
advisor to help with the "possible restructuring" of the notes.
"We are confident that with a reduced cost structure and a restructured balance
sheet, this company will be in a better position to fully leverage its
high-capacity network advantage in the wireless data market," CFO Bart Snell
said in the statement.
Shares of Motient were up 2 cents to 11 cents apiece shortly before 11 a.m. EDT,
an hour after the company made the announcement.
By Michael P. Bruno
Reported by Washtech.com, www.washtech.com
Copyright 2001 The Washington Post Company