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Non-Tech : Web Capital Group (WBCG), mini-CMGI
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To: Alert-Inv. who wrote ()12/26/1999 10:05:00 PM
From: Toby Zidle  Read Replies (1) of 15
 
I wish I could share your enthusiasm for WBCG. The fact is that this once-promising stock was in the $14+ range for most of April before commencing an unrelenting fall to the recent $3 level It's only gotten back to $4 in the past week, with no indication that it can maintain this level.

As far as WBCG's "proven track record" for unique web-business models goes, consider the experience of someone when got SLNN via spin-off. For my several hundred shares of SHAL (the previous WBCG symbol), I got 100 shares of SLNN. I never saw a prospectus on SLNN. No guidance was ever given shareholders on an IPO price. Despite all the enthusiasm generated about web-model spin-offs, I never saw any mention that the shares of SLNN being distributed were restricted stock.

I never knew SLNN shares were restricted until I tried to sell when a price downtrend became apparent. "No way", said my broker's HQ office. "That stock's restricted. Can't be sold for a year."

Without an ability to sell my 100 shares of SLNN, I have watched this wreck slide from $15 to a current BB quote of $2 1/2. Volume in the past month has topped 1000 shares on less than half its trading days. I have no doubt that when the stock lockup period ends, a flood of sell orders will face an illiquid market, and the stock will literally be worth only pennies.

To you, "the future's so bright (you) gotta wear shades." To me, it's so abysmal, a lighthouse beacon won't illuminate their business practices. For further "enlightenment", search the WSJ Interactive's archives for a story some months ago about the SLNN IPO. Disillusioned SLNN spin-off holders voiced their feelings very loudly.
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