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Technology Stocks : Alliance Semiconductor
ALSC 0.8100.0%Jul 10 5:00 PM EST
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To: Ram Seetharaman who wrote (5577)7/26/1999 9:04:00 PM
From: Harlan Huber  Read Replies (1) of 9582
 
Someone sold 20,000 shares of ALSC on a down tick from 7 31/32 to 7 15/16 at the close of the market today. The last time I saw someone sell a large block at the close, 108,000 shares at the close several days ago at 10 1/8, the price dropped one day later when the earnings shortfall was announced. The seller was either very smart or had inside information on the earnings missing expectations.

The point is why would someone sell 20,000 shares at these depressed prices if the book value is close to $20? Are we being misled somehow? The merger of USC and USI into UMC must be approved by both shareholders and the Taiwan government and is expected to be consummated before the end of the year. Could something happen to derail this merger deal, which some big investors are aware of and we are not? Usually, when something is too good to be true, it isn't. I can't figure out why institutions would let this stock lay down there below $8 when they know the book value is close to $20.

I realize ALSC can only sell 50% of their investment in UMC and not before midyear, 2000. Perhaps the uncertainities that far out are the reason for the stock discount? Perhaps someone is worried that China will invade Taiwan and nationalize UMC and ALSC will get nothing? I just don't understand why people with large holdings are willing to sell the stock so cheap, unless we are overlooking something or are being downright misled about something by the company and financial press?

Any one have any thoughts on this?

A shareholder,
Harlan
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