John:
IMHO, I think (and I hope) there may be more significance to how WAVX describes its deal with IBM than you have postulated, unless you are familiar with the legal structure of these types of transactions. If you are, please let us know so as to nip my speculation in the bud.
At the December conference call, Mr. Sprague answered a pointed question by saying there was no obligation on IBM's part to ever use the chip. My interpretation: There was a business commitment to the technology, but not a legal obligation that could give rise to a lawsuit. This was perhaps the most important negative disclosure, and probably explains the stock price retreat from $2.00 back to support levels in the $1.10 range.
I have not seen the WallStreetForum presentation, but at least two people have referred to the comment by Mr. Sprague that IBM has signed contracts (is the plural significant, I wonder?) that requires it to ship a minimum number of chips in IBM units in 1998. My guess is that the IBM deal has evolved in the last two month (viz. that the contract(s) have been amended) but that WAVX did not see fit to make additional press releases at this time. If it's only a "best efforts" clause, then I think Mr. Sprague would have said so.
From a securities law standpoint, one could argue Mr. Sprague's comment to a group of investment advisors is quite material, and I don't think he would confuse "best efforts" with minimum quantity obligations. Since IBM also is monitoring the timing of product information releases (also mentioned at the conference call), there are also business reasons for Mr. Sprague to carefully choose his words on this topic.
Perhaps Mr. Sprague will comment on this forum. Perhaps he is not permitted to comment. Unlike WallStreetForum, we do not qualify as professional investors.
Two other points of interest. MAXX does not have a SI thread at this time. Maybe one of us should start one to flush out what that company is really all about. WAVX does not appear "on the roster," as it were, for the Spring Internet World conference in LA. Is this good or bad news? Are they busy with more important things, don't really need the visibility anymore, or something else?
All responses welcome.
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