S-8
As filed with the Securities and Exchange Commission on September 16, 2005
Registration No. 333-
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM S-8
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
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WESTWOOD ONE, INC.
(Exact Name of Registrant as Specified in Its Charter)
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Delaware
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95-3980449 |
(State or Other Jurisdiction of
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(I.R.S. Employer Identification No.) |
Incorporation or Organization) |
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40 West 57th Street, 5th Floor |
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New York, New York
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10019 |
(Address of Principal Executive Offices)
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(Zip Code) |
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Westwood One, Inc. 2005 Equity Compensation Plan
(Full Title of the Plan)
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Andrew Zaref
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Copy to: |
Executive Vice President and Chief Financial Officer |
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Westwood One, Inc.
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Andrea S. Rattner, Esq. |
40 West 57th Street, 5th Floor
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Proskauer Rose LLP |
New York, New York 10019
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1585 Broadway |
(Name and Address of Agent for Service)
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New York, New York 10036 |
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(212) 969-3000 |
(212) 641-2000 |
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(Telephone Number, Including Area Code, of Agent For |
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Service) |
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CALCULATION OF REGISTRATION FEE
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Proposed Maximum |
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Proposed Maximum |
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Amount |
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Title Of Each Class Of Securities |
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Amount To Be |
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Offering Price |
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Aggregate |
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Of |
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To Be Registered |
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Registered(1) |
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Per Share |
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Offering Price |
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Registration Fee |
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Common Stock, par value $0.01
per share |
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9,200,000 |
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$20.36(2) |
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$187,312,000(2) |
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$22,046.62 |
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(1) |
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This Registration Statement covers 9,200,000 shares available for issuance under the
Westwood One, Inc. 2005 Equity Compensation Plan. This Registration Statement shall also
cover any additional shares of common stock that become issuable under the Westwood One, Inc.
2005 Equity Compensation Plan, by reason of any stock dividend, stock split, recapitalization
or other similar transaction that results in an increase in the number of the outstanding
shares of common stock of the Registrant. |
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(2) |
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Calculated solely for purposes of this offering under Rule 457(h) of the Securities Act of
1933, as amended, on the basis of the average of the high and low selling prices per share of
common stock of the Registrant on September 13, 2005, as reported on the New York Stock
Exchange. |
TABLE OF CONTENTS
PART I
INFORMATION REQUIRED IN THE SECTION 10(A) PROSPECTUS
The documents containing the information specified in Part I of Form S-8 and the statement of
availability of information required by Item 2 of Form S-8 and information relating to the Plan and
other information required by Item 2 of Form S-8 have previously been, or will be, sent or given to
Plan participants as specified by Rule 428(b)(1) of the Securities Act of 1933, as amended. Such
documents are not required to be and are not filed with the Securities and Exchange Commission (the
Commission) either as part of this Registration Statement or as prospectuses or prospectus
supplements pursuant to Rule 424. These documents and the documents incorporated by reference in
this Registration Statement pursuant to Item 3 of Part II of this Form S-8, taken together,
constitute a prospectus that meets the requirements of Section 10(a) of the Securities Act of 1933.
PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 3. Incorporation of Documents by Reference.
The following documents filed with the Commission by Westwood One, Inc., a Delaware
corporation (the Company or the Registrant), are incorporated by reference herein:
(a) |
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the Companys Annual Report on Form 10-K for the fiscal year ended December 31, 2004, filed
with the Commission on March 16, 2005; |
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(b) |
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the Companys Quarterly Reports on Form 10-Q for the fiscal quarters ended March 31, 2005 and
June 30, 2005, filed with the Commission on May 10, 2005 and August 9, 2005, respectively; |
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(c) |
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the Current Reports on Form 8-K, filed with the Commission on April 22, 2005; May 4, 2005;
May 25, 2005; July 15, 2005, August 5, 2005 and September 15, 2005 and the Current Report on
Form 8-K/A filed with the Commission on September 15, 2005; and |
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(d) |
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the description of the Registrants common stock set forth in the Registrants Registration
Statement on Form 8-A, dated December 11, 1998. |
All documents filed by the Registrant pursuant to Sections 13(a), 13(c), 14 and 15(d) of the
Securities Exchange Act of 1934, subsequent to the effective date of this Registration Statement,
prior to the filing of a post-effective amendment to this Registration Statement indicating that
all securities offered hereby have been sold or deregistering all securities then remaining unsold,
shall be deemed to be incorporated by reference herein and to be part hereof from the date of
filing of such documents. Any statement contained in any document incorporated or deemed to be
incorporated by reference herein shall be deemed to be modified or superseded for purposes of this
Registration Statement to the extent that a statement contained herein or in any other subsequently
filed document which also is or is deemed to be incorporated by reference herein modifies or
supersedes such statement. Any such statement so modified or superseded shall not be deemed to
constitute a part of this Registration Statement, except as so modified or superseded.
Item 4. Description of Securities
Not applicable.
Item 5. Interests of Named Experts and Counsel.
Not applicable.
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Item 6. Indemnification of Directors and Officers.
The Registrant is incorporated under the laws of the State of Delaware. Section 145 of the
General Corporation Law of the State of Delaware (DGCL) provides that a Delaware corporation may
indemnify any person who is, or is threatened to be made, a party to any threatened, pending or
completed action, suit or proceeding, whether civil, criminal, administrative or investigative
(other than an action by or in the right of such corporation), by reason of the fact that such
person is or was an officer, director, employee or agent of such corporation, or is or was serving
at the request of such corporation as a director, officer, employee or agent of another corporation
or enterprise. The indemnity may include expenses (including attorneys fees), judgments, fines and
amounts paid in settlement actually and reasonably incurred by such person in connection with such
action, suit or proceeding, provided such person acted in good faith and in a manner he or she
reasonably believed to be in or not opposed to the corporations best interests and, with respect
to any criminal action or proceeding, had no reasonable cause to believe that his or her conduct
was unlawful. A Delaware corporation may indemnify any person who was or is, or is threatened to be
made, a party to any threatened, pending or completed action or suit by or in the right of the
corporation by reason of the fact that such person is or was a director, officer, employee or agent
of such corporation, or is or was serving at the request of such corporation as a director,
officer, employee or agent of another corporation or enterprise. The indemnity may include expenses
(including attorneys fees) actually and reasonably incurred by such person in connection with the
defense or settlement of such action or suit, provided such person acted in good faith and in a
manner he or she reasonably believed to be in or not opposed to the corporations best interests
except that no indemnification is permitted without judicial approval if such person is adjudged to
be liable to the corporation. Where a present or former officer or director is successful on the
merits or otherwise in the defense of any action referred to above, the corporation must indemnify
him or her against the expenses (including attorneys fees) which such officer or director has
actually and reasonably incurred.
Section 145 further provides that the indemnification provisions of Section 145 shall not be
deemed exclusive of any other rights to which those seeking indemnification may be entitled under
any bylaw, agreement, vote of stockholders or disinterested directors or otherwise, both as to
action in such persons official capacity and as to action in another capacity while holding such
office. The Registrants Certificate of Incorporation contains a provision eliminating the
liability of a director to the Registrant and its stockholders for monetary damages for breaches of
fiduciary duty as a director. However, neither the DGCL nor the Registrants Certificate of
Incorporation currently allows such provision to limit the liability of a director for: (i) any
breach of the directors duty of loyalty to the Registrant or its stockholders; (ii) acts or
omissions not in good faith or which involve intentional misconduct or a knowing violation of law;
(iii) payment of dividends, stock purchases or redemptions that violate the DGCL; or (iv) any
transaction from which the director derived an improper personal benefit. Such limitation of
liability also does not affect the availability of equitable remedies such as injunctive relief or
rescission.
The Registrants By-Laws provide that, to the fullest extent permitted by the DGCL as it
exists or may in the future be amended, the Registrant will indemnify and hold harmless any officer
or director who is or was made a party or is threatened to be made a party to any threatened,
pending or completed action, suit or proceeding, whether civil, criminal, administrative or
investigative, by reason of the fact that such person is or was a director or officer of the
Registrant or a director or officer of a predecessor corporation of the Registrant, and may
indemnify any employee or agent of the Registrant and any person serving at the request of the
Registrant as an officer, director, employee or agent of another corporation, partnership, joint
venture, trust, or other enterprise. The Registrants By-Laws also state that such indemnification
is not exclusive of any other rights of the indemnified party, including rights under any
indemnification agreements, insurance policy, vote of the directors or stockholders of the
Registrant, or otherwise.
Section 145 further authorizes a corporation to purchase and maintain insurance on behalf of
any person who is or was a director, officer, employee or agent of the corporation, or is or was
serving at the request of the corporation as a director, officer, employee or agent of another
corporation, partnership, joint venture, trust or other enterprise, against any liability asserted
against such person and incurred by such person in any such capacity, arising out of such persons
status as such, whether or not the corporation would otherwise have the power to indemnify such
person under Section 145.
Pursuant to an employment agreement, dated as of April 29, 1998, between the Registrant and
Norman J. Pattiz, as amended on October 27, 2003, the Registrant will indemnify Mr. Pattiz to the
fullest extent provided by
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Section 145 of the DGCL and Article V of the Registrants By-Laws, as well as for expenses in any
proceeding involving the Registrant (whether or not brought by or in the Registrants name) subject
to certain conditions and limitations depending on the circumstances of the proceeding and the
conduct of Mr. Pattiz. In addition, Mr. Pattiz is entitled to be advanced expenses in connection
with any such proceeding upon his request, subject to certain conditions.
Item 7. Exemption from Registration Claimed.
Not applicable.
Item 8. Exhibits.
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Exhibit No. |
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Description |
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Instruments Defining Rights of Stockholders. Description of
the Registrants common stock set forth in the Registrants
Registration Statement on Form 8-A, dated December 11, 1998,
is incorporated herein by reference. |
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5
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Opinion and consent of David Hillman, Esq.* |
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Consent of PricewaterhouseCoopers LLP.* |
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24
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Power of Attorney (included on signature page).* |
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Item 9. Undertakings.
(a) The undersigned Registrant hereby undertakes:
(1) To file, during any period in which offers or sales are being made, a
post-effective amendment to this Registration Statement:
(i) to include any prospectus required by Section 10(a)(3) of the
Securities Act of 1933;
(ii) to reflect in the prospectus any facts or events arising after
the effective date of the Registration Statement (or the most recent
post-effective amendment thereof) which, individually or in the aggregate,
represent a fundamental change in the information set forth in the
Registration Statement. Notwithstanding the foregoing, any increase or
decrease in volume of securities offered (if the total dollar value of
securities offered would not exceed that which was registered) and any
deviation from the low or high end of the estimated maximum offering range
may be reflected in the form of prospectus filed with the Commission
pursuant to Rule 424(b) if, in the aggregate, the changes in volume and
price represent no more than a 20 percent change in the maximum aggregate
offering price set forth in the Calculation of Registration Fee table in
the effective Registration Statement;
(iii) to include any material information with respect to the plan of
distribution not previously disclosed in the Registration Statement or any
material change to such information in the Registration Statement.
Provided, however, that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the
Registration Statement is on Form S-3, Form S-8 or Form F-3, and the information
required to be included in a post-effective amendment by those paragraphs is
contained in periodic reports filed with or
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furnished to the Commission by the Registrant pursuant to Section 13 or Section
15(d) of the Securities Exchange Act of 1934 that are incorporated by reference in
the Registration Statement.
(2) That, for the purpose of determining any liability under the Securities Act
of 1933, each such post-effective amendment shall be deemed to be a new Registration
Statement relating to the securities offered therein, and the offering of such
securities at that time shall be deemed to be the initial bona fide offering
thereof.
(3) To remove from registration by means of a post-effective amendment any of
the securities being registered which remain unsold at the termination of the
offering.
(b) The undersigned Registrant hereby undertakes that, for purposes of determining any
liability under the Securities Act of 1933, each filing of the Registrants annual report pursuant
to Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (and, where applicable, each
filing of an employee benefit plans annual report pursuant to Section 15(d) of the Securities
Exchange Act of 1934) that is incorporated by reference in the Registration Statement shall be
deemed to be a new Registration Statement relating to the securities offered therein, and the
offering of such securities at that time shall be deemed to be the initial bona fide offering
thereof.
(h) Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be
permitted to directors, officers and controlling persons of the Registrant pursuant to the
foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the
Commission such indemnification is against public policy as expressed in the Securities Act of 1933
and is, therefore, unenforceable. In the event that a claim for indemnification against such
liabilities (other than the payment by the Registrant of expenses incurred or paid by a director,
officer or controlling person of the Registrant in the successful defense of any action, suit or
proceeding) is asserted by such director, officer or controlling person in connection with the
securities being registered, the Registrant will, unless in the opinion of its counsel the matter
has been settled by controlling precedent, submit to a court of appropriate jurisdiction the
question whether such indemnification by it is against public policy as expressed in the Securities
Act of 1933 and will be governed by the final adjudication of such issue.
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SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the Registrant certifies that it
has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and
has duly caused this Registration Statement to be signed on its behalf by the undersigned,
thereunto duly authorized, in the City of New York, State of New York on this 13th day of
September, 2005.
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WESTWOOD ONE, INC.
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By: |
/s/ Andrew Zaref
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Name: |
Andrew Zaref |
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Title: |
Executive Vice President and
Chief Financial Officer |
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POWER OF ATTORNEY
KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below hereby
constitute and appoint Andrew Zaref, such persons true and lawful attorney-in-fact and agent, with
full power of substitution and resubstitution, for and in such persons name, place and stead, in
the capacities indicated below, to sign a Registration Statement on Form S-8 of Westwood One, Inc.
and any and all amendments (including post-effective amendments) thereto, and to file or cause to
be filed the same, with all exhibits thereto, and other documents in connection therewith, with the
Securities and Exchange Commission, granting unto said attorney-in-fact and agent, full power and
authority to do and perform each and every act and thing requisite and necessary to be done in
connection therewith, as fully to all intents and purposes as such person might, or could, do in
person, hereby ratifying and confirming all that said attorney-in-fact and agent, or his substitute
or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has
been signed by the following persons in the capacities and on the date indicated.
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Signature |
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Date |
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/s/ Norman J. Pattiz
Norman J. Pattiz |
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Chairman of the Board
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September 15, 2005 |
/s/ Shane Coppola
Shane Coppola |
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Chief Executive Officer,
President and Director
(Principal Executive Officer)
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September 13, 2005 |
/s/ Andrew Zaref
Andrew Zaref |
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Executive Vice President and
Chief Financial Officer
(Principal Financial and
Accounting Officer)
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September 13, 2005 |
Leslie Moonves |
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Director
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September ___, 2005 |
Joseph B. Smith |
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Director
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September ___, 2005 |
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Signature |
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Title |
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Date |
/s/ Dennis F. Holt
Dennis F. Holt |
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Director
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September 13, 2005 |
/s/ Farid Suleman
Farid Suleman |
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Director
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September 13, 2005 |
/s/ David L. Dennis
David L. Dennis |
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Director
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September 13, 2005 |
/s/ Robert K. Herdman
Robert K. Herdman |
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Director
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September 13, 2005 |
/s/ George L. Miles, Jr.
George L. Miles, Jr. |
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Director
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September 15, 2005 |
/s/ Gerald Greenberg
Gerald Greenberg |
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Director
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September 13, 2005 |
/s/ Steven A. Lerman
Steven A. Lerman |
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Director
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September 14, 2005 |
/s/ Joel Hollander
Joel Hollander |
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Director
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September 15, 2005 |
/s/ Albert Carnesale
Albert Carnesale |
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Director
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September 14, 2005 |
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EXHIBIT INDEX
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Exhibit No. |
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Description |
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Instruments Defining Rights of Stockholders. Description of
the Registrants common stock set forth in the Registrants
Registration Statement on Form 8-A, dated December 11, 1998,
is incorporated herein by reference. |
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5
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Opinion and consent of David Hillman, Esq.* |
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23
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Consent of PricewaterhouseCoopers LLP* |
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24
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Power of Attorney (included on signature page).* |
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