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$CGNT will convert into common shares all outstanding debt and accrued interest owed to its director Lewis Pell of $29.5MM. Debt owed by $CGNT to Pell will be converted into $CGNT stock at $1.67 immediately before closing the Accelmed deal. The deal also provides that all outstanding warrants to purchase $CGNT stock held by Pell will be cancelled.
The latest earnings report by $VZ shows how it is losing customers despite offering the unlimited data plans, a record for the company.
$BEBE is closing down all its stores by the end of May.
$WFC agreed to hike its payout in a class-action settlement over unauthorized accounts by $32 million to $142 million for its retail sales practices. The settlement will now include customers who were impacted as early as May 2002.