CoreComm Management Increases Ownership Stake.Business Editors NEW YORK--(BUSINESS WIRE)--Dec. 28, 2000 Management and Board of Directors Invest Additional $16 Million in Company CoreComm Limited (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : COMM) announced today that several members of management and the Board of Directors have invested a total of $16 million in the company in the form of a convertible note. The proceeds of the note will fund future working capital and general corporate purposes. Barclay Knapp, Chief Executive, stated: "George Blumenthal George Blumenthal is an American professor and astronomer and as of September 19, 2007 Chancellor of the University of California, Santa Cruz. He is known particularly for his work with Santa Cruz colleagues Sandra M. and I, as well as other members of management, have increased our personal investments in CoreComm because we believe in the long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. prospects for the business and the strength of our business model." The $16 million financing is in the form of a senior unsecured Unsecured A loan or equity interest that is given without any guarantee of payment, performance, satisfaction or opportunity for return from the recipient. No property, interest or security is used as collateral in either a guarantee or a pledge. convertible PIK PIK See: Payment-in-kind bond PIK See payment-in-kind security (PIK). note that matures in 2010. The note has an interest rate of 10.75% paid semi-annually and is convertible into shares of CoreComm common stock at $5.00 per share. |
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