23 July 2001asset acquisition disposition● NeutralMajor
First Ecom.com paid $19 million for Gasco Energy Series A Preferred Stock, convertible into 9.5 million Gasco common shares and carrying 26% of Gasco's combined voting power while at least half remains outstanding. The press release says this replaces the previously planned merger with Gasco, that First Ecom plans to become a gas business, and that the payment business is still to be restructured and spun off. It also provides for board seats exchanged between the two companies, and a three-year restriction on selling the stake (10% of the common shares per year allowed).