Roanoke Times
                 Copyright (c) 1995, Landmark Communications, Inc.

DATE: TUESDAY, September 13, 1994                   TAG: 9409130085
SECTION: VIRGINIA                    PAGE: B3   EDITION: METRO 
SOURCE: TODD JACKSON STAFF WRITER
DATELINE: ROCKY MOUNT                                 LENGTH: Short

SCHOOLS AS SHAREHOLDERS?

But stock options?

The Franklin County School Board was nearing the end of its Monday morning meeting when an agenda item - hidden near the bottom of the page - quickly distinguished itself. It read: "Review and consider approval of proposed sale of Wang Laboratories Inc. stock."

Had the School Board traded in teachers and students for bulls and bears?

Not quite.

It seems the Franklin County School System bought some Wang computers several years ago. In 1992, Wang filed for worldwide bankruptcy.

Lee Cheatham, school finance director, said the School Board's attorney filed legal motions at the time to try to recoup a $5,787 claim mainly tied to a prepaid maintenance contract.

When Wang finished its reorganization, the company offered stock as its method of payment to creditors.

Franklin County schools received $2,544 worth of Wang stock, which closed at $13.75 a share Friday on the Nasdaq exchange.

The School Board, however, won't be building a portfolio with its new-found interest.

"Sell it!," exclaimed board member Guy Buford before offering a successful motion to do just that.

Cheatham said the the school system will go through a bank or a stockbroker to sell the stock.

"The way I look at it, $2,500 is better than nothing," he said.