EMERSON RADIO FILES EMERGENCY COURT APPEAL
EMERSON RADIO FILES EMERGENCY COURT APPEAL NORTH BERGEN, N.J., June 18 /PRNewswire/ -- Emerson Radio Corp.
(NYSE: EME) today announced that it has filed an emergency appeal to overturn the decision by the New Jersey State Superior Court with respect to the issuance and voting of 6.6 million Emerson common shares by two suppliers and the major principal of the company's largest supplier. At the same time, Emerson has sought to have its appeal heard by the court on an expedited basis.
On May 25, Emerson raised more than $18 million of new equity capital from the equity transactions with these parties. Emerson stated that the lower New Jersey Court, in making its decision, had ignored the relevant and controlling legal decisions. Furthermore, Emerson stated, the appeal argues that the lower court ignored the undisputed facts with respect to Emerson's long-term efforts to restructure its debt and raise new equity capital. Emerson Radio Corp. designs and markets a full line of popularly priced consumer electronics products. The range of the company's products includes televisions, video cassette recorders, portable compact disc players, radios, stereo systems, tape players and recorders, and microwave ovens. -0- 6/18/96 /CONTACT: Robert D. Siegfried of Kekst and Company, 212-593-2655, for Emerson Radio Corp./ (EME) CO: Emerson Radio Corp. ST: New Jersey IN: CPR SU:
PS-LD -- NY077 -- 1690 06/18/92 17:22 EDT
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|Date:||Jun 18, 1992|
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