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C= posts its latest report (From AP news wire)
    From: Andrew Carol <carol@edfua0.ctis.af.mil>
    Date: 26 Mar 1994 02:06:30 GMT    (4 screens)

I just got this hot off the AP news wire and repeat it
here unchanged.

----------------------------------------------------------------------
AP 03/25 19:16 EST V0155
Copyright 1994. The Associated Press. All Rights Reserved.
   NEW YORK (AP) -- Commodore International Limited, a pioneer in
home computers, painted a grim picture of its future Friday as it
reported another quarterly loss.
   Commodore warned that, without additional financial help, it
could be thrown into a reorganization or liquidation proceedings.
It is trying to negotiate a restructuring with creditors.
   Commodore made the announcement late in the day after the close
of trading on the New York Stock Exchange. Its stock was down 12 1/2
cents to $3 per share.
   The company's net worth turned negative during the fiscal year
that ended last June 30 and it has since had two more quarters of
losses. On Friday, it reported an $8.2 million loss, or 25 cents
per share, for its second fiscal quarter, ending Dec. 31.
   Sales were $70.1 million. A year earlier, Commodore lost $77.2
million, or $2.33 per share, on sales of $237.7 million.
   The company said financial constraints hampered its ability to
supply products, leading to weakened sales.
   Its Amiga CD32 video game machine sold poorly in Europe due to
the bad economy. But the company said sales were stronger for its
Amiga 1200 machine.
   For the six months ending Dec. 31, Commodore lost $17.9 million
or 54 cents per share, compared to a loss of $96.0 million, or $2.90
per share, a year earlier. Sales for the six months were $152.7 million
compared with $396.3 million in the year-ago period.
   Commodore began as a typewriter repair company in the Bronx borough
of New York City 40 years ago. Its extension to the adding machine
business paved the way for it to get make calculators and then
personal computers by the mid-1970s.
   Commodore competed with Radio Shack for the first computers sold
to homes and co-founder Jack Tramiel became a highly-regarded figure
in the fledgling PC industry.
   But Commodore was pushed aside a few years later by the success of
International Business Machines Corp. and Apple Computer Inc. Although
Commodore was quick to adopt some of the popular graphical interfaces
for its Amiga line, far fewer software developers created programs for
its machines than for Apple or IBM-compatibles.
----------------------------------------------------------------------

Period              Sales     Losses (In millions of dollars, US)
------              -----     ------
2ndQ ending 31 Dec   70.1       8.2   (most recent report)
2ndQ year earlier   237.7      77.2   (last year, same time)

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This report came over USENET at the end of March.  (I didn't read it until
after the April issue of the magazine had already been released.)

Commodore's been in dire financial straits before.  When the news started
to trickle in that they were on the rocks again, it went in one ear and
out the other.  The rumors didn't stop and the "good news" we usually
hear from Commodore in the form of a press release or a new product
shipment didn't come.

I'm still waiting for the good news as I write this.  What I've decided
to do with this month's editorial is write a form of journal of
developments and rumors heard throughout the month.  If the news at press
time is good this will serve as a diary of hope.  If the news is bad, let
it serve as a journal of the last days.  (Hopefully, the situation will
have a clear course by the end of the month.)

Commodore News Journal for April:

4/1 - 4/4
---------
Rumors are flying around USENET, Delphi and Compuserve.  No one knows for
sure what is going on.  The Commodore Stockholders Movement has an
appointment with Commodore's creditors on April 4.

4/4 - 4/12
---------
Rumors continue to fly on all networks, but no one has any real information.
A lawsuit from the 1980's takes effect and Commodore US is prevented from
shipping new products.  (Details are sketchy, but someone apparently sued
Commodore, Apple and Microsoft over the blinking cursor.  Apple and
Microsoft paid $2,000,000 each in damages.  Commodore refused to pay and
is currently trying to have the decision overturned.)

4/12
----
A report surfaces that Commodore is being forced to sell out to the
company of their choice by Prudential, their main creditor.  Four
companies are said to be interested, but no one knows who they are.

4/14
----
Another report indicates that Philips has purchased Commodore UK.  Others
believe that Sony is the new owner of Commodore.  Nothing is released by
either company, yet.

4/14 - 4/29
-----------
More rumors, less actual believable content.  Chapter 7 and Chapter 11
bankruptcy are mentioned by some reliable sources.  No one is releasing
any information...yet.  A special conference is called for May 1st on
Compuserve by Mike Levin, leader of the Commodore Stockholder's Movement. 
I have delayed the release of the magazine until after the conference so
as to be able to cover it here.

4/30
----
CNN reports that Commodore is going out of business.  All assets have been
transferred to unidentified trustees for the benefit of creditors.  A full
report is in the news section of this newsletter.  Hoepfully, more details
will be unearthed in the conference tomorrow.