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Technology Stocks : CYOE / Diana Corp. Why has the SEC not halted this pig?
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To: David Penfield who wrote (234)7/14/1999 5:14:00 PM
From: Q.  Read Replies (2) of 242
 
the 10k shows they had negative working capital and net tangible assets of only $0.4 M, at the end of March.

Of course they subsequently reported a $10.6 M private placement in May -- that cash doesn't appear in the 10k. If it weren't for that, this co. would likely have gone BK.

News release says they are trying to raise funds. The $10 M loan announced in Feb. appears to be what many of us suspected -- a sham --today's earnings news release says the co. has still not received the funds.

Amazingly, Arther Anderson gave an unqalified opinion. The previous year PriceWaterhouseCoopers gave a going-concern qualification.

news release also says they are preparing an S-3 to register a lot of shares to be sold. Bet that won't help the stock.
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