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Biotech / Medical : Ergobilt (ERGB) - Ergonomic Chairs
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To: Anaxagoras who wrote (786)3/25/1998 9:51:00 AM
From: Scott D. Hakala   of 900
 
A, My understanding is that Gerald had to move or cover a number of times in the past. Certain persons in the market apparently had information on his position and moves, although the market underestimated Gerald's resolve to hold onto his stock as long as he did given his belief that ERGB is being drastically undervalued relative to its long-term prospects for earnings and growth. Obviously, I'm relieved that the block was sold in a single trade rather than pushed onto the market all at once. Anyone who thinks that Gerald really didn't believe in the value of ERGB should realize that Gerald could have sold out in a block trade to an institution and cleared his position last Fall at a gain or at least to break even.

My conversations with insiders (employees, directors and officers) have tended to focus on the frustration with the market not understanding the prospects for ERGB, with the Company and its directors considering various options to address what they perceive as being a severely underpriced stock, and with management's apparent inability to communicate to the market the Company's long-term fundamentals. Every broker, analyst and insider I have talked to still believes in the products and the potential of the Company to grow and produce future earnings, although some haven't been happy with management's communications. One of the former Principal employees joined BVS (my firm) and has said that Principal's analyst always believed in the prospects for the Company (Principal was taken over by Everen and ceased covering ERGB.).
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