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February 24, 1993


By CBR Staff Writer

Physician Computer Network Inc, Laurence Harbor, New Jersey said that one of its major investors, Jeffry Picower, agreed to make an equity investment of up to $15m, adding that it has restructured its debt as part of the transaction, improving its cash flow to about $25m; Picower bought 10m common shares for $10m, taking his stake to about 56%; he can also buy up to an additional $5m of a new series of convertible preferred stock any time prior to the end of 1995, and in certain circumstances can be required to make the additional investment. The restructuring covers the company’s debt with IBM Credit Corp and other creditors, and allowing the company to defer payments of some $10m to 1995.

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