wsj_0151.xml
WSJ891102-0040
WSJ891102-0040
=
891102
=
891102
891102-0040
.
891102-0040
.
Business
Brief
--
Intelogic
Trace
Inc.
:
@
Shareholder
Sells
18
%
Stake
@
In
$
9.9
Million
Buy-Back
Business
Brief
--
Intelogic
Trace
Inc.
:
@
Shareholder
Sells
18
%
Stake
@
In
$
9.9
Million
Buy-Back
11/02/89
11/02/89
11/02/89
WALL
STREET
JOURNAL
(
J
)
WALL
STREET
JOURNAL
(
J
)
IT
DPC
IT
DPC
BUYBACKS
,
REDEMPTIONS
,
SWAP
OFFERS
(
BBK
)
BUYBACKS
,
REDEMPTIONS
,
SWAP
OFFERS
(
BBK
)
Intelogic
Trace
Inc.
,
San
Antonio
,
Texas
,
said
it
bought
2.7
million
shares
,
or
about
18
%
,
of
its
common
stock
from
an
unaffiliated
shareholder
for
$
3.625
a
share
,
or
$
9.9
million
.
The
move
boosts
Intelogic
Chairman
Asher
Edelman
's
stake
to
20
%
from
16.2
%
and
may
help
prevent
Martin
Ackerman
from
making
a
run
at
the
computer-services
concern
.
Mr.
Ackerman
already
is
seeking
to
oust
Mr.
Edelman
as
chairman
of
Datapoint
Corp.
,
an
Intelogic
affiliate
.
The
action
followed
by
one
day
an
Intelogic
announcement
that
it
will
retain
an
investment
banker
to
explore
alternatives
``
to
maximize
shareholder
value
,
''
including
the
possible
sale
of
the
company
.
In
New
York
Stock
Exchange
composite
trading
yesterday
,
Intelogic
shares
rose
37.5
cents
to
close
at
$
2.75
.
Mr.
Edelman
declined
to
specify
what
prompted
the
recent
moves
,
saying
they
are
meant
only
to
benefit
shareholders
when
``
the
company
is
on
a
roll
.
''
He
added
,
``
This
has
nothing
to
do
with
Marty
Ackerman
and
it
is
not
designed
,
particularly
,
to
take
the
company
private
.
''
But
Mr.
Ackerman
said
the
buy-back
,
and
the
above-market
price
paid
,
prove
that
Mr.
Edelman
is
running
scared
.