Message Font: Serif | Sans-Serif
No. of Recommendations: 1
At December 31, 1998, the Company owned, of record, approximately
300,000 NITE shares, which were subject to a lock-up agreement until
January 11, 1999 and were unregistered at that time. Approximately
60,000 of such shares were allocated to Company management to cover
bonus payments due and payable in accordance with the employment
agreements in effect as of June 12, 1998, the date of the Combination.
The approximate 300,000 NITE shares owned by the Company, which have
a historical cost of $18,000, are included in securities owned in the
Company's statement of financial condition at December 31, 1998 at
their estimated fair value of $6,400,000. On March 3, 1999, the Company
sold 225,000 NITE shares, which included 45,000 of the shares allocated
to Company management. The Company received net proceeds, before
applicable income taxes, of approximately $6,100,000 from the sale of
180,000 shares of NITE allocated to the Company. The remaining NITE
shares held by the Company (and the Company's management) are subject
to a new lock-up agreement which prohibits their transfer or sale at
any time prior to June 3, 1999.

Print the post  


When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.