Lawrence Taylor's All-Pro Products Inc., one of '93's
"hottest" initial public offerings, still hasn't introduced its
main product, a $399 video game system, according to BLOOMBERG
BUSINESS NEWS. Based in Tarrytown, NJ, the company went public
in November of '93 by selling $4.5M worth of stock in $5 units,
which include a share and a warrant to buy another share. The
price for a single unit rose to $14.25 after two weeks. But as
of last Thursday, the stock had reached an "all-time low" of
$1.37 1/2. Taylor has since been replaced as CEO by Michael
Stone, who blames the delay in releasing the game system on the
need for more financing. Stone: "We wanted to make sure we back
it properly with marketing support." However, retailers such as
J&R Music World, Nobody Beats the Wiz and Tops Appliance City are
reportedly concerned about selling such an expensive product when
the parent company is struggling. Jack Wahrman, Dir of
Merchandising for J&R Music World: "It could be its a matter of
saying to customers: 'Look, spend $400, the company's going to be
out of business in a year'" (BLOOMBERG BUSINESS NEWS/N.Y.
NEWSDAY, 5/9).
BACK TO FOOTBALL BUSINESS? The N.Y. TIMES reports that
Taylor says there is a "30 percent chance" he would return to the
NFL (Timothy Smith, N.Y. TIMES, 5/10)
