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Technology Stocks : STLW
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To: Red Dragon who wrote (24)7/22/2000 2:43:47 AM
From: Secret_Agent_Man  Read Replies (1) of 75
 
Red, you wrote:The McGinley family (Chairman) apparently owns a huge voting portion of METHA, and they would obviously profit very handsomely if the spinoff occurs. I can't imagine why they wouldn't want it to happen.

I submit two items/examples They are two classes of stock that have nothing to do with the spin off.
There are about 34.4 million shares of METHA (with 1/10 vote per share)
There are about 1.15 million shares of METHB (with 1 vote per share).

METHB shares are convertible to METHA on a 1:1 basis. William McGinley (Methode's
Chairman) owns about 78% of METHB shares.

In the case of the IDTC spinoff of NTOP, there was "talk of a spinoff" to shareholders but, instead the "stake was Sold to ...AOL, either way McGinley et.al. make Money and the shareholders having not been "promised" i.e. METHA does not get a favorable "tax" ruling, the McGinley's could simply sell their Stake in STLW to a third party...i.e. Lucent or Corning or even Nortel...no ratio nada zip...it has happened before...I remember clearly with IDT how our "shareholder value would be "enhanced by the spin, well the only thing that was spun was our heads...that is just one recent event
last year...other examples abound...The only true way to "own" STLW is to BUY it. Now I'm not saying all spins go this way but, the T-LU was clear as is the PALM and the A-HWP...here it's language leaves some wiggle room should an offer they can't refuse comes up...BWDIK

cheers
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