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Show The National Enterprise Page two Pact Delayed Pending SEC Inquiry Bowne-Barte- ll NEW YORK Downe Communications Inc. (OTC 1.125, 1.875), holder of 66 percent of the outstanding eommon stock of Bartell Media Corp, has announced a delay in consummation of a merger of Bartell with Doxvnc. The merger was to have become effective Sept. 20. Downe said it received an inquiry last week from the SEC concerning the proposed merger and both compnaics arc proceeding to meet with the SEC staff to discuss the matter. The companies announced Sept. 16 that three class actions had been filed against them and certain other defendants in connection with the proposed merger. The agreement calls for Bartell to merge into Downe and for Bartell stockholders to receive $1.25 in cash for each Bartell share. Two actions were brought by stockholders and a third by a holder of Bartell's subordinated debentures. The stockholder actions claim an alleged scheme to obtain all of the outstanding common stock of Bartell through actions directed to depress the value of Bartell to force a merger with Bartell on unfair terms. They also claim that the notice and information statement sent to the Bartell stockholders was materially deficient. The complaints seek compensatory damages, costs, dispersements, accountants fees and counsel fees. The action by the debenture holder claims that the Bartell debenture holders are being deprived of their right to convert their debentures into shares of Bartell common stock contrary to the provisions of the trust indenture and seeks a judgement that the debentures will, upon completion of the merger, become immediately due and There are about $5,185,000 payable. principal amount of Bartell debentures outstanding. The action alternatively claims that the price of $1.25 per share is unfair to the Bartell debenture holders and seeks a judgement establishing a fair value. Spokesmen for Downe and Bartell would only reiterate the view that they believe the terms of the merger are fair to MIDLAND, Texas The board of directors of MGF Oil Corp. (OTC 4.125, 4.625) has approved the purchase of 200,000 shares of its common stock from Fred Forster Jr. Directors also voted to retire the shares immediately to the treasury, reducing the number of outstanding shares to 1,899,088 from the present 2,099,088, a reduction of 9.5 source could be adversely affected in 1977, this impact percent of the total outstanding. The purchase price of $5 per share will be paid to Forster in five equal annual installments, plus interest at 8 per annum on the unpaid balance. Forster resigned from the management of MGF in December 1975 to devote full time to private investments. Subscriptions $24.00 per year National Enterprise is published ing Company, bit., 500 Continental Salt lokeGty, Utah 14147. (SOI) The weekly by the National Enterprise Publish1 1 771, Pioneer Station, lei 6 'Second Class Postage Paid R. 50 Cents Per Copy lank lldg., P.0, 533-055- Bartell stockholders. Rapidatas revenues from this October 6, 1976 MFG to Purchase Treasury Stock in Salt Lake City, Utah George Gtegersen Publisher Alene E. Bentley Editor Rapidata in Revised Contracts With New York Telephone FAIRFIELD, N.J. Rapidata Inc. (OTC 2.125, 2.50) has announced that it will supply computer services to the New York Telephone Co. under two , Ryan B. Poulton Business Manager Mary McMillan Gaber Dean Alsup Staft Reporters Paler Harrison operations Manager will be partially offset by Acts usage of Rapidatas computer systems. I revised long-teragreements valued at about $8.6 million. One agreement calls for the exclusive use by New York Telephone of one of Rapi-data- s dual processor Honeywell 400 systems for a m twro-ye- 7 C TRUCK LIME ar period, effective Oct. 1. Under the other agreement, which was formalized in November 1975, New York Telephone exercised its option to convert, for its exclusive use, the Rapidata DEC system 1070 computer which it had been using under that agreement on a shared basis. This exclusive arrangement will begin Nov. 1 and continue through the expiration of the agreement on Nov. 15, 1979. In an unrelated development, Rapidata announced that it had entered into a two year agreement with Acts Computing, the computer services division of Lear Sieglier Inc. whereby Rapidata would supply Acts with Honeywell and DEC computer services to meet Acts customer requirements. The minimum value of the contract is in excess of Does the difficult daily! Truck Line specializes in the transportation of specific commodities, including steel, machinery, construction and mining equipment, forest products, agricultural machinery and a variety of other products. Hauling heavy odd shaped loads is our business and weve become experts at it. The fact that weve now grown to where we rank in the top 10 percent of the over 500 Class 1 Specialty Commodity carriers in the United States is indicative of our success. " F-- B We'd like you to become better acquainted with B and invite you to send for our annual report. Write or call: F-- Parker Truck Line 1945 South Redwood Road Salt Lake City, Utah 84104 Mr. Norton F-- B $900,000. Robert J. OBrien, presi- dent of Rapidata, pointed out that the company has been furnishing services to York Telephone on Newr two Honeywell dual processor systems under a 90 day Cancellable contract following expiration of a three year dedicated contract last A pril. He said, Under the new agreement New York Telephone elected to discontinue the exclusive use of one of the Honeywell systems. Although We do the difficult daily! |