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July 22, 1990


By CBR Staff Writer

Following approval of the reorganisation plan so hotly contested by then incumbent management, Corvus Systems Inc is now owned by Berg & Berg Industrial Developers, and headed by Carl E Berg who has assumed the offices of president and chief executive (CI No 1,471). Berg’s reorganisation plan was fought fiercely by Corvus management which claimed that Berg had no intention of continuing the company as a going concern. The exchange of the old Corvus common shares pro rata for shares in a newly formed company rather than simply cancelling them seems to be the only major deviation from his original plan filed in February, and holders of common stock in Corvus Systems Inc can exchange those otherwise worthless shares at a rate of one share in the new Ceron Corp for every 100 Corvus held. The new company has the rights to license any Corvus technology, but it has still to decide the exact nature of its business. Berg & Berg had proposed that it take full ownership of Corvus in exchange for the $3.7m owed by the company to Berg, and that $700,000 was to be made available for unsecured creditors, and any shortfall would be made up from an additional $750,000 contributed from Berg & Berg. With an expected payout of 25 cents in the dollar, Berg & Berg has upped that $750,000 to $1.2m. It is part of the reorganisation that Berg get no cash, but be awarded 4.2m shares of common stock – 100%, on confirmation of the plan.

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