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Technology Stocks : Zenith - One and Only
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To: Robert Utne who wrote (6214)8/1/1999 2:00:00 AM
From: MJ  Read Replies (3) of 6570
 
Robert Utne

Will read your 'more fraud' note after I finish with this. Last night I came home to a snake at my front door----knew this was an omen of something.

Then today, I received four large packages from Mr. Gannon in the mail box saying I get nothing for my Zenith shares.

I am very intrigued with the total cost of the expenditure notifying me of this "planned financial and operational restructuring".

The cost of the mailing was $3.50 and the Disclosure statement of approximately 300 pages would cost at minimum $200.00 to print. This of course does not include the payment for the writing and the staff time for putting together this document or the attorney fees etc. and the fees to Georgeson and Company, the soliciting agent.

If I read correctly, there are more than 2,000 shareholders. If each shareholder received a complete package worth $203.50 (at minimum) then the cost of this notification is at least $403,500.

Then there is the year 2,000 initiative to assure that the Company's " financial, sales and distribution application software are Year 2000 ready." These costs occur in the third quarter of 1999. The cost is about $6.8 million of which per the tome $3.3 million will be incurred in fiscal 1999.

Then in the Disclosure Statement LGE will own 1,000 shares of the new company. Final statement in that paragraph being "Like all holders of our Common Stock LG Electronics Inc. will not receive any distribution in respect of the shares it currently owns."

If this is a truly bankrupt company with no future then why is so much being spent to declare bankruptcy and why is there a year 2,000 program at considerable expense and why should there be any common stock for LGE.

The answer is of course what we have said all along on this thread that LGE will profit from the Zenith technology while the American shareholders get zero----shareholders given virtually no warning of the LGE bankruptcy plan, shareholders who were led to believe that LGE buying into Zenith was for the good of Zenith and all of its shareholders.

mj
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