Saturday, July 08, 2000

Tristate Business Summary


Suits dismissed, Bell purchase OK'd

By

        Shareholders' lawsuits over Cincinnati Bell Inc.'s $3 billion acquisition of IXC Communications Inc. last year have been dismissed in Delaware Chancery Court in Wilmington, Del.

        Judge Myron Steele dismissed the suits and approved an agreement by Cincinnati Bell, now Broadwing Inc., to pay shareholders' lawyers $565,000 in fees and expenses.

        Shareholders of IXC, based in Austin, Texas, claimed they didn't get enough for their shares in the deal. When the transaction was completed in November, IXC shares were worth more than $54 under the exchange formula, so the plaintiffs agreed to drop the suit.

Brokers accept state's stop-order
        The Ohio Division of Securities said Friday it had filed cease-and-desist orders against George Fiorini and Stephen Ventre for the sale of unregistered securities.

        Both have agreed to the order, according to documents distributed by the state agency.

        In May, the division alleged that the two Cincinnati-based investment companies had sold a combined total of almost $4.8 million in unregistered securities.

Flerlage Marine buys Ind. dealership
        Flerlage Marine, which operates dealerships in Cincinnati and Lexington, has bought Osborn Service, a Sea Ray boat dealership based in Jeffersonville, Ind., near Louisville.

        Purchase price was not disclosed.

AmeriStop stores used in sales tests
        Cincinnati Bell Wireless, a unit of Broadwing Inc., is testing sales of its prepaid i-wireless phones and calling cards at eight area AmeriStop stores in Greater Cincinnati.

        The company said the test is aimed at gauging the interest in offering the prepaid wireless service through non-conventional retail outlets.

        — From staff reports

       



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