June 12, 1999 |
Creditors of Santa Ana-based Scoop Inc. could recover 95% of what they are owed under a reorganization plan filed this week in federal Bankruptcy Court in Santa Ana. The payout to unsecured creditors will depend on the outcome of disputed claims from other creditors, the company's attorney said Friday. The plan also details a merger agreement with InfinCom AB and 24Store.com Ltd. that will result in 24Store.com owning 91.7% of the outstanding shares of Scoop.
April 27, 1999 |
Santa Ana-based Scoop Inc. signed a merger agreement with InfinCom AB and 24Store.com Ltd. that will result in 24Store.com owning 91.7% of the outstanding shares of Scoop, the companies said Monday. Financial terms weren't disclosed. Scoop said Monday it will change its name to 24Store.com. 24Store.com said it is in the process of finishing an institutional private placement of as much as $20 million, and upon completion it intends to file for Nasdaq national market listing.
November 13, 1998 |
Irvine-based Scoop Inc. has completed its previously announced deal to sell its fee-based online news service for $300,000 in cash to Solutions Corp. of America in Nashville, the company said Thursday. The sale of Scoop's last major asset is part of the company's bankruptcy reorganization. The company's stock closed Thursday at 17 cents, down 5 cents a share.
August 1, 1998 |
Money-losing Scoop Inc. filed for bankruptcy protection Friday as part of a plan to sell the bulk of the Santa Ana-based Internet news service's operations over the objections of some investors. The filing shows that Scoop has about $950,000 in assets and $1.4 million in liabilities. The company, which raised about $6 million in its public stock offering in April 1997, posted a second-quarter loss of $643,000 just two months later.
July 15, 1998 |
Scoop Inc. said Multimedia KID-Intelligence in Education Ltd. terminated its agreement to be acquired by Scoop because the Irvine company has been delisted from the Nasdaq SmallCap Market. Scoop said the collapse of the deal puts its future "in substantial doubt." The Internet-based news service said its board is considering several alternative plans, but it is "highly unlikely" that it will be able to continue as a going concern if it doesn't complete an alternative transaction soon.
June 26, 1998 |
Scoop Inc. said Thursday that it has been delisted from the Nasdaq SmallCap market, a move that could unravel its proposed acquisition of an Israeli company. The Santa Ana Internet news service said the exchange denied its request for a temporary exemption from certain listing requirements, a move it sought to complete its purchase of Multimedia KID-Intelligence in Education. Scoop said it may appeal the decision.