RealTime IT News

Musicmaker.com Board to Pay $3 per Share

musicmaker.com's board of directors Thursday voted to pay $3 per share to its common stockholders as of March 1, 2001.

Today's payout decision is just the beginning of the company's distribution strategy, noted Jim Mitaronda, musicmaker president and CEO.

"What was decided today is only the first step in the process," Mitaronda told internetnews.com. "The board is continuing to discuss other alternatives and additional cash distributions may be coming down the pike.

Other alternatives being discussed, in addition to the plan of complete liquidation and dissolution previously proposed, include the potential dispositions of assets and the potential continued operation of musicmaker.com as a public company.

Meanwhile, the stock for the dissolving online music provider was trading above $5 per share at press time.

During the past year, the company's stock price has had a low of 2 1/16 and a high of 56 1/4.