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Microcap & Penny Stocks : SVCDQ, temporary board?
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To: Arthur Tang who wrote (37)4/5/2000 1:58:00 PM
From: Arthur Tang  Read Replies (1) of 66
 
Service Merchandise saga continues.

Tom's request was denied as expected but for the fact that he does not represent the stockholders as a class. If Tom had talk to the trustees office or the judge, he could have gotten suggestions to prepare properly for the court appearance.

As it is, Mr. Ryder, Mr. Prevost's lawyer, got a meeting with a trustee and the SMC lawyer. Another meeting on May 2, 2000 perhaps will have some substance.

What the stockholders are concerned about is the losses accumulated by SVCDQ, even though the company has not cancelled the outstanding stock certificates yet. Informal business suggestion can be conveyed in such meetings.

On the other hand, stockholders will be given a stockholders' committee if they can sell some or part of the assets of Service Merchandise such as the dotcom, catalog sales, and surplus real estate properties at a better price than the management.
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