Here's some meeting comments posted on RB
By: SI4EVR
Reply To: None Thursday, 15 Jun 2000 at 2:14 PM EDT
Post # of 11192
More on meeting!!
1)Several people got up and complained about calls and E-mails not being returned by IR and the lack of comunication with the smaller investor. Hindrey said, " I bet after today, all calls will be returned " ( for you Laserlight ).
2)Tyco came up. The issue of it being a signal of desperation on the part of GBLX. Winnick was annoyed at the implication. He shot back, hands on chest " Do we look desperate?". Hindrey jumped in and said, we had to file this action now or forgo the suit. He said that we should rest assured that even if we lose the suit,it would or should have no impact on the companies bottom line or it's ability to complete on time. He said they weighed the impact of the suit very carefully. Winnick broke in saying, this is about us laying out millions of dollars and getting shafted ( I am paraphrsing ). He said they owe it to the shareholders to get that money. He finished the topic by saying " Don't believe all you read or hear in the media".
3)Equant- No comment
4)Share value- No comment other than we also would like to see it go up
5)Buyback or furthur dilluting issues. Winnick said, " We reserve the right to change our minds on any issue at any time" ( You can interpret that any way you want ) It was a little to broad for my taste. He said they were very sensitive to the dillution issues. They know the effect it had the last time, but they reserved the right to leave all avenues open to raise capital. He said they needed the "flexability".
6)Cash Balance- Winnick and Hindrey tag teamed this answer. They said, " We need 4 billion to complete the system by 2002. We have a cash balance in place now of 3 billion". If we need more, we will go out and get it". He said, they were proud that they had never missed a budget and never intend to.
7) Acquisitions- Questions were raised about the impact of acquisitions on the share price. Hindrey said they will not let temporary fluctuations, that they have no control over, influance a a long term decision. It might be tempting to pause and let value catch up, but it is not in the long term interest of the share value. At that point, a little old lady with a European accent said " Mr. Winnick, in the long term we will all be dead" Place fell apart LOL.
More to follow later,
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