The Cole Digest, April 5, 1995

After 444 days of reorganizing under Chapter 11, System Integrators Inc. of Sacramento, Calif., emerged from bankruptcy with a new board of directors late last year.

Sources in the company said implementation of the reorganization plan was delayed because of "tax considerations," but couldn't say whether those considerations were to benefit SII or the group of banks and venture capitalists who now own more than 80 percent of the company.

The bank group -- which includes the Bank of America, Chase Manhattan, Credit Agricole and Cerberus Partners -- and SII's managers have picked three outside directors to serve along with William Aaronson, SII's president and chief executive:

*George Martin, the executive vice president for mass marketing at Dun & Bradstreet Information Services of Murray Hill, N.J. Martin has been in the computer and telecommunications business for 25 years, having worked for Network Equipment Technologies, AT&T and IBM.

*Vaughn Morgan, a private investment consultant based in Dallas and Santa Fe, N.M. Morgan is probably best known as the founder, chairman and chief executive of Cybertek Corp., a software developer for the insurance industry. He also spent 12 years with IBM and has advised many insurance companies.

*Edward Thompson, the former chief financial officer and corporate secretary of Amdahl Corp. of Sunnyvale, Calif. Thompson spent 18 years at Amdahl, 11 of them as the computer manufacturer's lead financial officer as well as chairman and chief executive of Amdahl Capital Corp., the company's leasing arm. Thompson also was an executive at U.S. Leasing International Inc., Computer Sciences Corp., IBM and Lockheed Missiles and Space Co.

*Neil Diver, a San Francisco venture capitalist, was elected by the first four at a board meeting in January.

"These are individuals of vision and experience in the high-tech industry," said Aaronson. "I have every confidence that their guidance will prove extremely beneficial to SII as it continues to develop new products and applications for our newspaper customers."

Onward.

\dmc

[THE COLE DIGEST is written by consultant David M. Cole, editor and publisher of the industry newsletter THE COLE PAPERS. The DIGEST is made available to PressLink members every Wednesday at no extra charge. Send comments by e-mail to cole@plink.geis.com. The COLE DIGEST is the property of The Cole Group, a California sole proprietorship. Reproduction in whole or in part without the written permission of The Cole Group is prohibited. Copyright (C) 1995, The Cole Group. Opinions expressed are those of The Cole Group, unless otherwise noted. [THE COLE PAPERS is a monthly newsletter devoting itself to technology, journalism and publishing. Subscriptions are $117 for 12 issues ($135 outside the U.S.). MasterCard, Visa and American Express cards are accepted. For more information, e-mail cole@plink.geis.com, call (415) 673-2424, fax (415) 673-2449 or write The Cole Group, 2590 Greenwich St., Ste. 9, San Francisco USA 94123-3333.]