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Technology Stocks : General Magic
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To: geo who wrote (7244)11/10/1999 10:18:00 PM
From: Kurthend   of 10081
 
Geo,

>>if magic could repurchase some of the convertibles that would go a long way to shaking off the deflation of its stock.>>

That would be a great thing if GMGC could repurchase some of the convertibles. But, I would rather have GMGC keep the money for survival purposes. With the GM infusion of $20 mil and about $14 mil in the coffers right now, GMGC has enough cash to last through about Q2 (last 2 qtrs I believe the average expenses at less than $12 mil per qtr). GMGC needs to concentrate IMO on the fundamentals of expanding the business (in the words of SM) and in my words screw the preferreds.

One other point of interest. I believe most of the preferreds shares have already been registered or are in the process of being registered per the latest SEC doc. Only the ELOC agreement is in question. Well, with the new infusion of cash by GM, GMGC may never need to tap the ELOC agreement and therefor there will be no need to short the stock by Crippled Creek. This would be a very big risk for CC IMO. It will be interesting to see what the SEC documents state concerning the Series G (General Motor) and what is non-redeemable but voting shares. If the non-redeemable shares are in fact what they appear to be, then the shares should be counted as an equity and not debt so this should alleviate any delisting questions (NASDAQ) people may have.

Need to go. take care.
Kurt
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