Spectrum Information in bankruptcy filing
Article Abstract:
Spectrum Information Technologies files for Chapter 11 bankruptcy protection, along with all four of its operating subsidiaries except for the profitable Spectrum Global Services Inc. The parent company closes one of the subsidiaries, Computers Unlimited of Wisconsin. Daniel Krasner, a lawyer who is representing investors in a class-action lawsuit against the company, says the filing might hasten a resolution for the suit. Krasner contends that Spectrum and its executives deliberately made misleading statements about the company while using inside information about the company's shaky finances to sell personal shares. The filing caps an 18-month roller-coaster ride for Spectrum, whose stock peaked at $11.375 on Oct 19, 1993, one day after former Apple Chmn John Sculley took over as CEO. On Jan 26, 1995, the day of the Chapter 11 filing, Spectrum stock tumbled 87.5 cents to 62.5 cents in heavy Nasdaq trading.
Publication Name: The New York Times
Subject: Business, general
ISSN: 0362-4331
Year: 1995
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Metricom says new network to lift speed of its modems
Article Abstract:
Metricom has begun marketing its lighter and smaller Ricochet SE modem for the company's wireless digital Internet access service. The modem costs $349 and the monthly Internet subscription fee is $30. Users connect to the Internet service provided by the Ricochet wireless network by attaching the modem to their PDAs or PCs. The modems are capable of providing much faster service than the present 28.8 Kbps service, after Metricom's planned upgrade to its wireless network. The company has won a radio spectrum license at a recent FCC auction and hopes to speed up its network performance to over 128 Kbps. Metricom's Internet wireless service, based on first-generation technology, is currently available in Silicon Valley, Seattle and Washington, DC. Metricom's investors include Microsoft.
Publication Name: The New York Times
Subject: Business, general
ISSN: 0362-4331
Year: 1997
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Another first for cyberspace! An S.E.C. suit for investor fraud
Article Abstract:
The Securities and Exchange Commission (SEC) is suing several companies for placing advertisements for unregistered securities on the America Online bulletin board. As many as 20,000 users invested in shares being offered by Telephone Information Systems, Pleasure Time Inc and Group Dynamics Downline. The defendants planned to increase profits for investors by recruiting more investors, which the SEC defines as a pyramid scheme. The SEC now monitors financial services on computer bulletin boards and while other cases have been raised in which fraud has been used to sell products on-line, this was the first case in which advertising was used to scam potential investors. Lawyers for the defendants say that the case has not been properly investigated and that the charges are groundless.
Publication Name: The New York Times
Subject: Business, general
ISSN: 0362-4331
Year: 1995
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