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First of all, hi everybody. If you are wondering how i am out of
school so early, it is because i just took my AP government and AP
physics tests, so i got out of school early. As some of you may know
i bought SMTK @ 1 1/4 about 1 week ago. At one point i had made about
a 150% return, and then the market took it back. It is now down to
about a 50% return. Now, the trading of that stock has been halted.
The news report i have are here, please take a look at them. Please
tell me what they mean. Will i lose all my money or will i make upto
6.97 per share? I think it is the latter; however, i have heard
different. I had perviously stated i thought the stock was going up
to 10; i think i may be pretty close. Unless of course this means i
will lose all my money. Please give my your opinion about this matter.
Thanks
Jawad
Here is the news.
01/19 17:05 SmarTalk Signs Definitive Sale
Agreement with AT&T <T.N><SMTK.O>
SmarTalk Signs Definitive Sale Agreement with AT&T
DUBLIN, Ohio and NEW YORK, Jan. 19 /PRNewswire/ --
SmarTalk TeleServices, Inc. (Nasdaq: SMTK) announced today that it has
signed a definitive agreement to sell substantially all of its assets
to AT&T (NYSE: T)for up to $192.5 million in cash, subject to downward
adjustment at closing. Separately today, SmarTalk has commenced a
Chapter 11 reorganization
case in the United States Bankruptcy Court, District of Delaware.
AT&T said SmarTalk's assets will enable it to expand its prepaid card
retail distribution capability.
The boards of directors of both AT&T and SmarTalk have approved the
transaction. The companies expect the transaction to close in the
first quarter of 1999, prior to the conclusion of the bankruptcy
proceedings. The transaction is subject to bankruptcy court and
regulatory approval and certain other conditions.
At signing, AT&T has made debtor-in-possession financing immediately
available to SmarTalk.
SmarTalk's Chief Executive Officer Erich Spangenberg said, "The Board
determined that this transaction provides the best means for insuring
uninterrupted prepaid calling card service to its customers, retailers
and distributors and maximizes the value of its corporate assets."
SmarTalk was advised on the transaction by Salomon Smith Barney,
Credit Suisse First Boston and Hennigan, Mercer & Bennett. AT&T was
advised by TD Securities, a subsidiary of Toronto Dominion Bank, and
Wachtell, Lipton,
Rosen & Katz.
SmarTalk is a leading provider of prepaid calling cards and prepaid
wireless services. Based in Dublin, OH, SmarTalk maintains
distribution agreements with the U.S. Postal Service and leading mass
merchandisers, consumer electronics retailers, supermarkets, hotels,
home office superstores and convenience stores throughout North
America and the U.K.
AT&T is the world's premier communications and information services
company, serving more than 90 million customers, including consumers,
businesses and government. The company has annual revenues of more
than $52 billion and 119,000 employees. It runs the world's largest,
most sophisticated communications network and is the leading provider
of long-
distance and wireless services. AT&T operates in more than 200
countries and territories around the world. SOURCE AT&T Corp.
-0- 01/19/99
01/20 10:54 Nasdaq Changes Status of Trading Halt
in Smartalk Teleservices
And <SMTK.O>
Nasdaq Changes Status of Trading Halt in Smartalk
Teleservices
And Requests Additional Information from Company
WASHINGTON, Jan. 20 /PRNewswire/ -- The Nasdaq Stock
Market(SM)
announced today that the trading halt status in
Smartalk Teleservices
("SMTK") was changed to "additional information
requested" from the
company. Trading in Smartalk Teleservices ("SMTK")
had been halted on
January 19, 1999 at 4:14 p.m. for News Pending at a
last sale price of 1
29/32. Trading will remain halted until Smartalk
Teleservices ("SMTK") has
fully satisfied Nasdaq's request for additional
information.
Since its debut as the world's first electronic
stock market, The Nasdaq
Stock Market has been at the forefront of
innovation, using technology to
bring millions of investors together with the
world's leading companies. It is
among the world's best regulated stock markets,
employing the industry's
most sophisticated surveillance systems and
regulatory specialists to ensure
investor protection and a fair and competitive
trading environment.
_________________________________________________________
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