Ladenburg exchanges last bit of debt - South Florida Business Journal:

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The money was the principal amount of promissory notes held by Thetwo Miami-baserd companies completed their debt exchange on June 29. That was after a majority of theLadenburgy (AMEX: LTS) shareholders approved the transaction at an annual meeting in New York New Valley had agreed in February to convert the principa l amount of its notes into Ladenburg common stock at an exchangse price of $1.80 a share. That representeed the average closing pricw for the 30 trading days ending on the date of the debtexchanger agreement. The company paid the about $1.73 million in accrued note interestin cash. Dr.
Phillip Ladenburg's chairman, said the debt exchangse completesthe company's two yeard of recapitalization. With the debt New Valley's beneficial ownership of Ladenburg's common stock increased to about 8.7 percent from aboutr 7.1 percent. New Valley is whollg owned by (NYSE: VGR), also base in Miami. Ladenburg shares closecd up 10 cents to The 52-week high was $3.74 on Feb. 22. The 52-weej low was 78 cents on Aug. 16. Vector shares close d up 7 centsto $22.60. The 52-week high was $22.91q on June 29. The 52-week low was $14.82q on July 18.