VALLEY FIRM'S SHARES TUMBLE; INCOMNET DIPS ON MONEY TALK.Byline: Ben Sullivan Daily News Staff Writer Shares in long-distance long-dis·tance adj. 1. Covering a long distance: a long-distance runner; operating under long-distance supervision. 2. telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. marketer Incomnet Inc. lost nearly one-third of their value Thursday on news the company is in talks with its main lender, shareholder and supplier to restructure the company. Incomnet Chief Executive Melvin Reznick said he is talking with lender First Bank, telecom provider WorldCom The former name of MCI. Based in Jackson, MS, WorldCom, Inc. was a major, international telecommunications carrier. It was founded in 1983 by Bernard Ebbers as Long Distance Discount Service (LDDS), a reseller of AT&T WATS lines to small businesses. and investor Jack Casey about restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). the company in a way that would allow Incomnet to repay WorldCom an unspecified Adj. 1. unspecified - not stated explicitly or in detail; "threatened unspecified reprisals" specified - clearly and explicitly stated; "meals are at specified times" amount for past services and get more money from First Bank to continue operating. Time is of the essence A phrase in a contract that means that performance by one party at or within the period specified in the contract is necessary to enable that party to require performance by the other party. Failure to act within the time required constitutes a breach of the contract. , Reznick said, as WorldCom has threatened to cut off service to Incomnet if an agreement is not reached by Aug. 28. WorldCom provides the actual long-distance service that Incomnet sells. It has been a rocky few months for Incomnet. In addition to reporting a $2.1 million loss on $16 million in sales Monday, the company was notified this week by the Nasdaq stock exchange that its shares will be relegated to over-the-counter status because Incomnet does not have at least $2 million in assets. In July the company announced that an effort to sell its telecommunications business had fallen through. Later that month, two former Incomnet officers and a former director were accused by the Securities and Exchange Commission of illegally profiting from trading in the company's stock. Incomnet shares fell 56.25 cents Thursday, or 32 percent, to close at $1.1875. |
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