Printer Friendly

FNN CONSUMMATES REORGANIZATION PLAN; DATA BROADCASTING CORP. WILL ISSUE STOCK TO FNN SHAREHOLDERS

FNN CONSUMMATES REORGANIZATION PLAN; DATA BROADCASTING CORP. WILL
 ISSUE STOCK TO FNN SHAREHOLDERS
 NEW YORK, June 26 /PRNewswire/ -- Financial News Network Inc. (FNN) (NASDAQ: FNNQC) announced that today is the effective date for its plan of reorganization under Chapter 11 of the Federal Bankruptcy Code. As of 4 p.m. EDT today, each share of outstanding FNN common stock will be exchangeable for approximately 0.66 share of common stock of the newly organized company, Data Broadcasting Corporation.
 Data Broadcasting stock will start trading, at open market, on Monday, June 29, on the NASDAQ Stock Market, initially under the stock symbol "DBCQC." The stock symbol will change to DBCC in the near future.
 Data Broadcasting Co-Chief Executives Allan R. Tessler and Alan J. Hirschfield, said, "The newly organized Data Broadcasting Corporation will be free of the pre-bankruptcy liabilities of FNN and will have a positive net worth.
 "We believe that the new Data Broadcasting Corporation has a viable financial structure which should position it to achieve a strong presence in the rapidly growing marketplace for specialized data services. We are proud to have successfully guided FNN through bankruptcy, and look forward to an active role in Data Broadcasting's future as its co-chief executives," they continued.
 As part of the share exchange plan, fractional shares are not being issued and no cash is being paid in lieu thereof. American Stock Transfer & Trust Co. is the exchange agent designated to receive FNN common stock certificates and to issue Data Broadcasting stock certificates. Should you have any questions, contact the exchange agent at 800-937-5449.
 Data Broadcasting Corporation provides stock market quote services and other specialized market data vital to individual investors (under the names Data Broadcasting MarketWatch, QuoTrek and Signal) and to securities industry professionals (under the name of Shark Information Services).
 -0- 6/26/92
 /CONTACT: Amber Gordon of Financial News Network, 703-359-6236/
 (FNNQC) CO: Financial News Network, Inc.; Data Broadcasting Corporation ST: New York IN: PUB SU:


KD -- DC018 -- 4364 06/26/92 16:45 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jun 26, 1992
Words:335
Previous Article:CHILDREN'S BROADCASTING CORPORATION ELECTS NEW BOARD MEMBERS
Next Article:HOUSEHOLD FINANCE $250 MILLION NOTES RATED 'AT' BY FITCH -- FITCH FINANCIAL WIRE --
Topics:


Related Articles
FNN FILES AMENDED PLAN OF REORGANIZATION WITH BANKRUPTCY COURT
DATA BROADCASTING CORP. ANNOUNCES FIRST QUARTER EARNINGS
DATA BROADCASTING CORP. ANNOUNCES FAVORABLE RESULT IN CNBC APPEAL OF FNN SALE PRICE
DATA BROADCASTING ANNOUNCES STRONG YEAR-END SALES AND INCOME
DATA BROADCASTING RECEIVES PAYMENT FROM CNBC
Critical Mention Names CNBC's Ron Insana to Its Board of Directors.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters