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Technology Stocks : VALENCE TECHNOLOGY (VLNC)
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To: golden_tee who wrote (13987)8/26/1999 9:57:00 PM
From: MGV  Read Replies (1) of 27311
 
Wrong. "CC was hand picked by VLNC's impressive Board of Directors."

VLNC clearly, by the terms of the financing, was not negotiating from a position of strength. If the BOD "hand-picked" CC it was a circumstance of pick your poison. Hence the risk of serious dilution, the low amount of total commitment in light of VLNC's strained CF requirements, and the onerous floorless terms.

As Forbes magazine pointed out, Berg, himself, is regarded as somewhat of a VC lender of "last resort" in SV. VLNC has been operating on a shoestring B/S for years. The net flow of funds for Berg and Dawson seems - based on the publicly reported sales of VLNC stock by Berg and Dawson over the years - to have moved from VLNC to these two insiders rather than the reverse. This fact, alone, does not mean that VLNC is a fraud company or will fail. Nevertheless, it is a significant issue that is wholly ignored by the VLNC "cult" of fervent supporters on this thread.
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