Though I have given up on RADA, and sold all my shares some time ago, I still follow it to try to figure out where I or the company went wrong. I found this interesting post on AOL. I have no idea if it is true. I didn't know, if it is true, that Richard Pickup was an investment executive at Wedbush Morgan. Anyway, for what it is worth, here it is:
"Subject: Re: RADA
Date: Tue, 17 August 1999 01:55 PM EDT
From: GoetzvB32
Message-id: <19990817135543.28243.00000100@ng-ci1.aol.com>
This letter is an info. communication regarding ownership of RADA. ( 3/18/99)
Richard Pickup, an investment executive with Wedbusch Morgen owns and controls approx.31% of the outstanding shares of RADA
The float is approx. 8,000,000
The total number of shares in opprox. 175 clients and employee accounts at WMS are 18%
The large position in RADA shares held by WMS for its clients, its employees and relatives introduces additional inherent risks to WMS clients.
The risks may include, but are not limited to, the following possibilities:
1) An inhherent conflict of interest in the services of WMS and its investment executives, regarding advise to buy, to hold or to sell RADA stock.
2) Abrupt changes in market prices resulting from, sizable purchases of sales of shares held by WMS for its clients.
3) Misplaced confidence in the outlook for RADA solely as a result of the accumulation of large holdings held by WMS for its clients.
4) Possible influence or control of market price for RADA shares, such that the price may be influenced by further increases or reduction of the shares held by WMS for clients and employees.
5) An exaggerated price decline resulting from the liquidation of shares in margin accounts of clients who are to meet margin account maintenance calls.
signed
Richard A. Lanni
Senior Vice President" |
