Bill Wexler's Dog Pound Message Board

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Non-Tech : Bill Wexler's Dog Pound

REFR 1.590

-1.2%

Dec 10 3:59 PM EST

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To: Bill Wexler who wrote (1662)	6/30/1999 12:57:00 PM
From: Druss	Read Replies (1) of 10293

Bill--I think a couple of quotes from Jack King's retirement news release are appropriate: Mr. King stated, ''We are coming to the end of a logical phase of the Company's evolution. We can see the conclusion of several strategic objectives we sought to achieve. It is an appropriate time to provide new leadership for the future, which I expect will be exciting.'' Chairman William R. Lonergan notes, ''Jack successfully led Zitel through some turbulent times, including having to restructure the business three times because of changing market dynamics. Jack is a true industry visionary and his abilities in that regard will continue to be available to the Company.'' I have to say I am a little surprised at all of this. The appalling losses the company ran up under King were "A logical phase of the company's evolution", and further these were 'strategic objectives' they sought to achieve? The 'restructuring' of Zitel as I recall was taking it from a storage to a Y2K company, back to a storage oriented company (via aquistions), then back to a Y2K company via merger with Matridigm. All of these moves have resulted in losses in a big way. The only thing that was remarkable was the company share price ran to 72 then crashed as it is now at 1 and change. All the Best Druss I shorted Zitel four times, always made a profit (no surprise there though). I suppose I should take this opportunity to thank Jack and say I hope he is able to come out of retirement to take the helm of another company in need of this sort of dynamic vision.

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