Column: Unisys execs do their part

Call it a show of faith:

Unisys Corp.

executives bought more than 100,000 shares over the last week.

Those actions follow the words of Unisys CEO Joseph McGrath, who said Jan. 29 that investors would be seeing "a commitment from the senior team in support of our confidence" in the computer company, whose shares have declined 53 percent in the last year.

Unisys has been under pressure from a hedge fund that has demanded changes, including the sale or spin-off of its federal government business.

McGrath made his comments on an earnings call, and one analyst said he viewed management stock purchases as a positive sign.

Nine Unisys executives bought a total of 137,480 shares Jan. 31 through Feb. 4, according to filings with the Securities and Exchange Commission. While McGrath accounted for much of that insider buying - 80,500 shares - executives at the vice president level participated in the vote of confidence.

In all, management spent a total of $574,050, paying between $4.10 and $4.35, to boost their holdings in the Blue Bell company. (Yes, that was their own money.) McGrath invested nearly a quarter-million dollars.

Closing the Gate

   WorldGate Communications Inc. shut down in Trevose last week.

Founded in 1995 by Hal M. Krisbergh, the company developed a video phone but had made few inroads in the competitive market.

According to an SEC filing yesterday, WorldGate has been in a dispute with its largest customer, which has refused to pay. Short on cash, WorldGate said it ceased operations "as a first step to winding down its business."

WorldGate has been in penny-stock territory since late 2005, when its price slipped below $3. Shares closed at 8 cents yesterday, down 7 cents.

Without new financing, WorldGate may be gone from the world.