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Pegasus to issue convertibles to Blackstone to settle $5.2 million claim
New York, Feb. 25 - Pegasus Communications Corp. said it will issue 52,351 shares of 6½% series C convertible preferred stock with a liquidation preference of $100 per share to settle a claim from The Blackstone Group LP for $5.235 million.
Blackstone said it was owed the money based on a 2001 engagement letter previously terminated in connection with the sale of Pegasus' DirecTV distribution subsidiaries that are in bankruptcy, according to an 8-K filing with the Securities and Exchange Commission.
The preferreds convert into class A common stock at a price of $318.75.
Pegasus Satellite Television Inc. filed for bankruptcy on June 2, 2004 with the U.S. Bankruptcy Court for the District of Maine. Its Chapter 11 case number is 04-20889.
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