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Technology Stocks : Versant Technology (VSNT)
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To: nanocap who wrote (445)11/29/1999 11:49:00 AM
From: wsleckie  Read Replies (1) of 477
 
Thank you for your comments on the technology. My technology friends find the VSNT offering to be no big deal relative to the ODSI offering. They're view seems to be similar to that expressed by Daniel Chisolm in his most recent posting (447).

I think it is a mistake to refer to Versant's recently "restructured" balance sheet as a "dramatic improved balance sheet". It is true that the catalyst to immediate bankruptcy has been removed but don't forget that the new balance sheet structure came about as a result of a dilutive debt to equity conversion and additional dilutive preferred shares financings. It wasn't you or I who developed the capital structure for this company. It also wasn't you or I who developed a sales organization that was so inefficient that it could stand the elimination of 100 people with no real impact on revenues.

I would view any forecast from a management group with these accomplishments to their credit with a healthy degree of skeptism.

You will also recall that Cowen was the original underwriter of the company's equity offering in '96 at $8.00. I'm not sure that their analysis and earnings estimate provides me any assurance about the future. Rather than your view that "this could be just the beginning" I find myself wondering if this is not just more of the same.

Still open minded about being convinced otherwise but I think I shall take my leave of this situation.

Scot
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