NEWCOM FORCED TO HALT OPERATIONS.Byline: David Evans David Evans may mean:
Newcom Inc. said it expects to be delisted from the Nasdaq National Market following the seizure Forcible possession; a grasping, snatching, or putting in possession. In Criminal Law, a seizure is the forcible taking of property by a government law enforcement official from a person who is suspected of violating, or is known to have violated, the law. of the computer accessory accessory, in criminal law, a person who, though not present at the commission of a crime, becomes a participator in the crime either before or after the fact of commission. distributor's inventory by its lender, the shutting of its headquarters, and the firing of its employees. Newcom said it hasn't sold a ``material'' amount of goods since January, when Deutsche Financial Services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. cut off Newcom's working capital line of credit. It said it failed to restructure its financing agreement with the lender, and hasn't been able to find new financing. In addition to seizing its inventory, Deutsche has sued Newcom for more than $8 million in unpaid debt, the company said. It owed the lender $10.7 million on Jan. 15, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. a regulatory filing. The company said it closed its 33,000-square-foot headquarters in Westlake Village, which it subleased from Aura aura: see spiritism. Aura goddess of breezes. [Gk. Myth.: Kravitz, 42] See : Wind Systems. Newcom was spun off from El Segundo-based Aura in September 1997 in an initial public offering of 2 million units at $9.50. Each unit consisted of a share and a warrant to buy a share at $14.25 for five years. On Sept. 3, 1998, it was reported that Newcom had just $1.3 million cash to repay a $19 million loan from Aura that was due that month. Newcom fell $1.1875 to $4.25 that day. As of Jan. 19, the money hadn't been repaid to Aura. On Tuesday, Newcom shares gained 3.125 cents to 37.5 cents, while the warrants were unchanged at 15.625 cents. The company announced the operations halt after the close of trading. Aura fell 3.125 cents to 25 cents. Newcom lost $15.6 million in the third quarter, as it reduced the value of its inventory because of declining prices. Steven Veen, chief financial officer for both companies, didn't return telephone calls seeking comment. |
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