05/06 News_Norwood
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According to a release issued by PPAI, Bellis’ statement is in response to a suit filed by former Norwood CEO Thomas Roller alleging that upon his termination last December, he was told that 6,000 shares of Preferred Stock given to him as part of
Norwood’s debt/equity restructuring in 2004 were being redeemed at one penny per share. Based on valuation during the bidding process for Norwood in the spring of 2005, Roller believes the stock is worth a minimum of $200 per share.
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