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NEWS
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· .... Stern Electronics, Inc, is reportedly in the middle of proceedi~s
to buy Seeburg Corporation's name, equipment, and other assets except
receivables for more than $2 million . Attorneys and principals jn the
case expect the plan's approval by the creditors of Seeburg, which f iled
a petition of protection under the U,S . Bankruptcy Code's chapter
eleven in November, 1979. If the purchase goes through, Stern project~
production of Seeburg jukeooxes by next CCtober, according to published.
reports. However, spokesmen for Stern and the Seeburg parent corporation,
XOOR, declined oamment pending court action by federal Bankruptcy Judge
Lawrence Fisher and approval by a majority of Seeburg's present unsecured
creditors. It is expected, hO\\ever, that Stern Electronics will pay $1. 5
million for the acquisition, and XCOR \IDuld furnish several hundred thousand
dollars to pay creditors, reports said. Last year, XOOR wrote off $5.2
million to cover losses of Seeburg, producer of cigarette machines as \\ell
as phonographs . (Seeburg has continued to supply parts for its machines,)
. . . . . Meanwhile, Stern Electronics has moved its design subsidiary,
Universal Research Laboratories, Inc. of Elk Grove, Illinois to a new
42 ,OOO-square-foot facility fonnerly owned by Chase Corp. The move will
triple the canpany ' s current production capabilities and size . URL, a
solid-state electronics assembly plant formerly located at 2501 United
Lane, occupied the new building, 700 Chase Avenue, Elk Grove, on May 15,
According to URL President Edward Polanek, the new location will enable
more extensive engineering hardware and software development . . . , ..... , .
· .... A gambling referendum lost a decisive 60 percent of the vote in
May 6 balloting in the nation's Capital. Washington, D.C. voters in the
presidential preference primary had the chance to bring legal gambling
to that city. Political analysts there blamed the defeat on the wide-
ranging question on the ballot--which asked if voters wanted legaliza-
tion of games including lotteries, numbers games, bingo, pari~tuel
wagering on jai alai and dog races, and raffles . ... .. . . . ,., . . . , . . .. , . . .
· .... Stambouli Brothers has been carrying out a thorough search for an
industry professional to take the position of general manager of the
\IDrld-wide distrib's New York City office , Contact should be made to
Elliott Stamoouli, 102 Avenue Jean Jaures, 93500 Pant in , France .. .. . .
· .... Bob Snow is no longer associated with IJS of Fort Worth as sales
manager . Bob joins Video Games International Corporation as vice
president. The coin-op veteran of more than 25 years rerrains general
manager of Play-More Games Inc. of Fort Worth . Video Games is im-
porting various vidoo upright and cocktail games and will be ready
to ship in t he near future, said Snow. He visited Japan in June
and contracted with several lines including Nichibutsu for importa-
tion by Video Games, based in Dallas .. ... , . . . .. .. . , .. . . . . , . .. , . . .. , ..
98
PLAY METER, July, 1980