Kis,
Ed Vik responds. Got to give him credit.
>¯
About the letter from Vik, I wrote a letter to Alex Vik after I finish reading Byron's article. I got the same response. Here is the one that I got and the e-mail that I sent him.
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Date: Wed, 26 Apr 2000 07:45:50 -0400
From: Alexander Vik
Organization: Vik Brothers International
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To: JDrags@aol.com
Subject: Re: Article
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I just read the article and it is a classic Chris Byron, he does this hatchet job to everybody.
My immeadiate specific reactions to the article are as follows;
1. He gets his facts wrong. Makes mistaken comments to suit his purposes without knowing anything about what actually happened.
2. Xcelera has only issued a small fraction of the press releases that our main competitor Akamai has. Akamai for that matter isn't any older than Mirror Image and has had an even greater price appreciation from its founding. Most of the press releases are important and required by securities law to be issued whether we want to or not.
3. He, of course, says that Mirror Image can't be worth anything and naturally neglects to point out that Exodus, the world leader in Internet Infrastructure, just paid $ 638 Million for 15% of Mirror Image and will sell our services to all their customers, the who's who of the Internet. One would think that the most important current fact about our company would be mentioned by a responsible journalist who is discussing valuation. Some people like ourselves and others have been fortunate enough to start and build small companies into huge successes. He could have written the same article about Microsoft, Sun, Worldcom a few years back. How are a bunch of guys going to challenge IBM, the phone companies and others and succeed?
4. Hewlett Packard bought both shares and convertible debt with conversion prices as high as $ 143.38 per share and Xcelera under certain circunstances has the option of triggering the conversion of that to all equity if it so chooses. They are our partner.
5. VBI Corporation has bought and sold securities in Xcelera for a net effect that is very small relative to its holdings. Xcelera, I would suggest has had a very low amount of insider selling compared to other companies. In fact, as far as I know, nobody in a management position has sold any stock which is amazing considering how well the company has done.
6. The article, including the comments about being domiciled in the Cayman's(which is good for the shareholders) was generally a rehash of all the negative comments that people have made from the begining. People said all of this a year ago when the stock was a lot lower. This was essentially a rerun of the CNBC interview with Mark Haines.
Alex Vik
Herman@aol.com wrote:
Dear Alex Vik,
If you go to www.cnbc.wsj.com, on the front page you will see an article name "Vik's Vapor Stock". It is an article based on the history of XLA and overall a very negative article. It leave out many of the positive and twist everything in to negative. It bash on XLA as well as you. Hinting that you are
So information is always out- dated when we want to see why we are paying $75 or $100 per share of XLA. It is also why most people can just jump out of the wood to bush XLA since they know most investors won't be able to find informations to go against their bashing. If you look at some of the message broads and chatrooms of XLA you will know that many of the investor are losing faith. Hopefully a pre-split run, or good news from the company will help put the fear
Yours trusting investor,
Herman Kwan
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