WDC/Sandisk Corporation Message Board

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Technology Stocks : WDC/Sandisk Corporation

WDC 165.85

+3.6%

2:56 PM EST

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To: Art Bechhoefer who wrote (10389)	4/15/2000 9:59:00 AM
From: Ausdauer	Read Replies (2) of 60323

Art, The timing for a private placement... ...was most ideal after the earthquake when the stock price was severely depressed and it wasn't certain a secondary was at all possible. I suppose there was a clause which called for a fee to the underwriters whether or not the secondary proceeded (which essentially locked out the notion of a private placement), however Kodak had several opportunities to invest through nearly all of 1998. Why did they not capitalize at that point? It still surprises me in some way that nobody jumped on SanDisk during the Fall of 1998. To this day I have no explanation why the SanDisk B.O.D. did not resort immediately to a stock repurchase plan to support the stock price given they had some $135 million of cash on the books that is still there today. And before you know it we are voting to revise the Stock Option Plan. As a shareholder this still bothers me greatly. A terribly wasted opportunity at the hands of board members who are becoming millionaires many times over with options at an exercise price of only $5.00 a share. Perhaps this is the standard for corporate America especially in the Valley. If I had my way I would be lavishing key technology people at SanDisk with these option instead. These are the key members who allow for the progress in process engineering and who continue the leading edge research and patenting. I would also reward those who set up the retail channel so beautifully and members of the negotiating teams that settled disputes with the likes of Hitachi, Samsung, Toshiba and Intel. I understand Cindy was instrumental in this regard. I still can't attach a service to the BOD that justifies such rich rewards for participation. Of course, I don't know the history of the company back far enough to comment intelligently. Ausdauer

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