Merisel Note Holders Reject Stonington Plan

Merisel Inc. said holders of its 12.5% senior notes rejected a recapitalization plan for the troubled computer and software distributor proposed by Stonington Partners Inc. Under the plan, New York-based Stonington would pay $152 million for a 70% stake in the El Segundo-based company. The proposal remains open until Sept. 4. Meanwhile, Merisel said it will proceed with its own plan, approved by a majority of the note holders three months ago, under which the senior notes would be exchanged for 80% of the common stock. Merisel will submit its proposal to a shareholder vote in August. Merisel has reported losses in eight of the last nine quarters, blaming disappointing performance from its ComputerLand retail unit, slow sales overseas and increased costs to distribute new products. Merisel shares lost 34 cents to close at $2.63 on Nasdaq.