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L.T.'S VIRTUAL REALITY GAME IS CAUGHT ON THE DEFENSIVE
Published May 10, 1995
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)