Hubert, Please dont' take me wrong.
I meant no attack on Joe, nor you, nor anyone. I don't use AOL. I suppose that the posting would have been better sent to some of the folks that proposed the ludicrous buyout rumors. I took no exception with the information that Joe reported as to the rumors, I was merely writing as to the reasons that such rumors should be discounted out of hand and summarily ignored!!
Any percieved rancor in my postings are aimed at Camelot, not individuals. There is a certain amount of emotional content, but it is based on factual information. I have followed Camelot closely for over 2 years and have been completely aghast at their lack of ethics and the number of people that have gotten screwed because of their consistent failures to perform.
In any case accept my appologies if you percieved my note to be inflamatory in any personal way! This medium does lack the ability to convey the nuances of intent!
I noticed that Caml did issue a press release today announcing a world wide distributorship ( mentionedin reply # 1343 above, posted by John) . It is interesting to note that the company, Digiphone International, already had rights to distribute the software everywhere except North America. IN fact they are a division of Meteor PLC. This is the same company that is owned and operated by DW, and who paid around $9 million in loan stock for the European and world rights from Danny to Danny. Approximately $3 million of this was retired for Camelot recieving the rights to some software for operating pay phones from Meteor. This was the same software that Meteor could not sell in Europe. The remainder of the Loan stock is now valued at around $1.5 million. This is due to the fact that the stock in Meteor PLC has dropped from near 60 pence to 8 pence since DW bought the company (seems like everything he touches goes rapidly down the tubes). So it would seem that the money that was recorded as income totaling about $9 million in quarterly reports is now worht but a fraction of that number. They have done this in the past. They announced around $3 million as income from selling rights for Scandenavian and British Digiphone rights (Firecrest PLC). In one case no funds were recieved, In the case of Firecrest, they sold the loan stock for pennies on the dollar (see a pattern here?). Indications are that DW used a $1.9 million low interest loan from Camelot Corp for to acquire Meteor. I notice that there was no stock transfer in this deal. I am curious as to why. If there had been Camelot would have been able to show this as income for Q1 '97. This is exactly the type of trick used in the past to inflate earnings reports and make it look to a casual observer like CAML was doing ok.
In any case it is hard to imagine why this announcement would have the effect of raising the volumes so dramatically.
BTW I do not hold CAML though in the past I could have made a bundle shorting it. I have a basic problem in investing in a company that prefers to use innovative deception rather than innovative products to lure investors! |
