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SPINNAKER SOFTWARE CORPORATION ANNOUNCES JUDGMENT IN APPRAISAL PROCEEDING

 SPINNAKER SOFTWARE CORPORATION ANNOUNCES JUDGMENT
 IN APPRAISAL PROCEEDING
 CAMBRIDGE, Mass., Feb. 25 /PRNewswire/ -- Spinnaker Software Corporation (NASDAQ: SPKR) announced that a district court in Hennepin County, Minn., has entered a judgment against it in connection with an appraisal proceeding arising out of the merger of Springboard Software, Inc. with Spinnaker in July 1989. The proceeding was initiated by Mr. A.V. Nicholson, a former director and stockholder of Springboard. Nicholson, in his capacity as a member of the board of directors of Springboard, voted in favor of the merger transaction. However, individually, Nicholson dissented from the merger and requested to be paid a higher value for his shares of Springboard common stock and Series II convertible redeemable preferred stock which were to be converted into Spinnaker common stock as part of the merger transaction.
 The judgment requires Spinnaker to pay Nicholson an aggregate of approximately $175,000 plus interest and reimbursement of Nicholson's fees and expenses. Spinnaker believes the court made reversible errors and plans to appeal this judgment. However, in any event, Spinnaker does not anticipate that the results of the litigation will have a material adverse impact on its results of operations for the current and future quarters.
 -0- 2/25/92
 /CONTACT: Ron Goldfuss of Spinnaker Software, 617-494-1200 ext. 270/
 (SPKR) CO: Spinnaker Software Corporation ST: Massachusetts IN: CPR SU:


EG-PB -- NE009 -- 2526 02/25/92 16:39 EST
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Copyright 1992 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Feb 25, 1992
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