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July 18, 1990

BERG’S PLAN WINS BANKRUPTCY DISCHARGE FOR CORVUS

By CBR Staff Writer

The reorganisation plan filed by Corvus Systems Inc’s sole secured creditor and so strenuously opposed by the San Jose company’s incumbent management, has been accepted by the bankruptcy court, and the company has been discharged from Chapter 11 bankruptcy protection. Under the plan of reorganisation, which became effective on July 16, 1990, new shares representing 100% ownership of Corvus were issued to Carl E Berg and related parties. Berg, who was a director of and shareholder in Onyx+IMI, which merged with Corvus in 1985, has assumed the position of president and chief executive and says he plans to operate the company profitably; Mark Miller was appointed chief operating officer and a director and Joseph Rooney was appointed a director. Existing shares of Corvus common stock were exchanged for shares of common stock in Ceron Corp, a newly incorporated company, but it was not stated what rights these confer – under the original Berg plan, the Corvus shares would simply have been cancelled. That plan was fiercely resisted by the previous Corvus management, with chairman Roger Mosher saying that contrary to the proposed and stated intenti on, Mr Berg has no intention of ope rating the company as a going con cern (CI No 1,371). Corvus’ own reorganisation plan, which would have paid off Berg over seven years (CI No 1,419) failed to win support of creditors and bankruptcy court.

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