K-TEL CHIEF TAKES ON COMPANY’S DEBT

K-tel International's stock price jumped today on news that founder, CEO and Chaiman Philip Kives was shouldering some of the company's debt. Kives will convert nearly $2 million of K-tel debt to equity held by a company in which he is the principal owner. K-tel closed up $.85 for the day at $1.94

The press release used the word "indebtedness," but we couldn't figure out where to use it in this story.

The company was notified earlier this month by Nasdaq that it could be delisted from the market because its had dropped below the minimum market capitalization or total assets and total revenue of $50 million, and a market value of public float of $15 million.

K-tel's stock is not sold in stores. Call now and we'll throw in a copy of "Totally Awesome Songs About Junk Bonds."