INCOMNET STOCK DROPS ON NEWS OF RESIGNATIONS OF EXECUTIVES.Byline: Ben Sullivan Daily News Staff Writer Shares of troubled long-distance telephone service marketer Incomnet Inc. fell 13 percent Friday on news that five of the company's six board members will resign under terms of a deal reached with its largest shareholder. Incomnet shares dropped 18.75 cents to close at $1.4375. Trading in the issue was lighter than its three-month average daily volume. The company has lost 38 percent of its value since last week. Among those stepping down if the deal is approved by the company's shareholders and major debt holders would be Incomnet's Chairman and Chief Executive Officer Melvyn Reznick, who orchestrated or·ches·trate tr.v. or·ches·trat·ed, or·ches·trat·ing, or·ches·trates 1. To compose or arrange (music) for performance by an orchestra. 2. the agreement. In exchange, John Casey John Casey may refer to:
Incomnet is currently in a cash crunch (1) To process data. See number crunching. (2) To compress data. See data compression. 1. (jargon) crunch - To process, usually in a time-consuming or complicated way. , owing its main telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. provider, WorldCom Network Services, more than $5 million. It also owes First Bank & Trust of Newport Beach Newport Beach, residential and resort city (1990 pop. 66,643), Orange co., S Calif., on Newport Bay and the Pacific Ocean; inc. 1906. It is a popular seaside resort and yachting center. Manufactures include electrical and medical equipment, computers, boats, and adhesives. more than $1 million. WorldCom had threatened to cut off Incomnet's service, but will hold off a month before deciding, Incomnet said. |
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