Realtors out $13 million on Internet gamble
Article Abstract:
The National Association of Realtors reports its Web page, the Realtors Information Network, has depleted its $12.9 million in funding and is poised for collapse. The group's board members will vote on Aug 26, 1996 whether to provide more financial support to the nascent venture. If the board refuses to offer additional funding, the Realtors Information Network will begin bankruptcy procedures. Analysts indicate the online site is failing due to unforseen technology changes, unrealistic business goals and free-spending ways. The site was established to provide real estate listings for a nationwide audience and act as an online service especially for real estate agents. The venture invested money trying to develop proprietory systems that would allow agents to access comprehensive amounts of information about listings. Also, the site never generated revenues capable of countering expenses and development costs.
Publication Name: The Wall Street Journal Western Edition
Subject: Business, general
ISSN: 0193-2241
Year: 1996
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Century Telephone's attempt to scrap part of two-tier voting angers some big holders
Article Abstract:
Century Telephone Enterprises Inc, Monroe, LA, a cellular and telephone company, initiated a time-phased voting structure that has now been in place for four years. The voting structure promises long-term shareholders extra votes. Recently, however, the possibility has apparently occurred to Century that a few long-term institutional holders might use their increased voting power to take over the company. Therefore, on Thursday, May 30, 1991, Century will ask its shareholders to rescind its plan. Some institutional holders are angered, saying that the result will be an entrenchment of management and a reduction in the value of shares. As one institutional holder puts it: 'It changes my role in this company.' The value of Century's shares has dropped by about nine percent since May, when the company's plans were announced.
Publication Name: The Wall Street Journal Western Edition
Subject: Business, general
ISSN: 0193-2241
Year: 1991
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Date for Storage Technology to ship disks pushed back
Article Abstract:
Storage Technology Corp, which has spent several years developing a new disk-drive product that is code-named 'Iceberg,' now says that the product's introduction will be delayed from 1st qtr 1992 to 2nd qtr 1992. Nevertheless, the company expects to be in full production by mid-1992 and estimates $50 million in 1992 revenue from the product. Storage Technology is one of several companies that is working on disk array systems, that will combine several small disk drives with specially engineered software to provide massive, fault-tolerant storage for mainframe computers. Storage Technology's announcement that there will be a delay in the product's introduction was followed by a fall in the company's stock. The stock lost $3, closing at $37.50 on Mon, Dec 23, 1991.
Publication Name: The Wall Street Journal Western Edition
Subject: Business, general
ISSN: 0193-2241
Year: 1991
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