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review of its business configurations, operating
systems and other investments to determine economically
attractive actions it can take to prepare for future
growth. * * *
In addition, the pace of share repurchase activity
will be accelerated to result in the repurchase of
approximately 9.0 million shares of Series A common
stock in 1998. The Company purchased 2.1 million
shares through the 1998 second quarter. On July 27,
1998, the Company entered into a forward purchase
contract to purchase 2.0 million shares of Series A
common stock. Additionally, 2.7 million shares of
Series A common stock were purchased subsequent to
June 30, 1998.
* * * * * * *
Liquidity and Capital Resources
* * * * * * *
Acquisitions and Dispositions
* * * * * * *
* * * Concurrently with the closing of the Matthew
Bender transaction, the Company became the sole manager
of Liberty Bell I, LLC (Liberty Bell I), the principal
asset of which was approximately $1.38 billion of cash.
Subsequent to such closing, Liberty Bell I purchased
2.7 million shares of the Company’s Series A common
stock. The Company intends to deploy the remaining
assets of Liberty Bell I to finance acquisitions and
investments, including purchases of the Company’s
common stock, and does not intend to use those funds
for the Company’s working capital purposes or to retire
the Company’s debt. * * *
* * * * * * *
Common Share Repurchases
The Company repurchased 2.1 million and
6.5 million shares of its Series A common stock during
the year to date periods ended June 30, 1998 and 1997,
respectively. On July 27, 1998, the Company entered
into a forward purchase contract to purchase
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