View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. Technology
July 22, 1990

CORVUS SHAREHOLDERS LEFT WITH RIGHT TO LICENSE TECHNOLOGY

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.

Websites in our network
Select and enter your corporate email address Tech Monitor's research, insight and analysis examines the frontiers of digital transformation to help tech leaders navigate the future. Our Changelog newsletter delivers our best work to your inbox every week.
  • CIO
  • CTO
  • CISO
  • CSO
  • CFO
  • CDO
  • CEO
  • Architect Founder
  • MD
  • Director
  • Manager
  • Other
Visit our privacy Policy for more information about our services, how New Statesman Media Group may use, process and share your personal data, including information on your rights in respect of your personal data and how you can unsubscribe from future marketing communications.
THANK YOU