Yesterday, the following letter was sent to Pete Pappas, interim CEO of Vari-L, asking for an update on the process of getting Vari-L's stock relisted on Nasdaq. The letter was sent by Gary Lutin, advisor to the Vari-L Shareholders Committee, and asks Pappas to divulge the result of the listing hearings with Nasdaq. By now, such hearings should have taken place. Since we would all like our stock trading on an orderly national market again, we think it behooves management to take all necessary steps to ensure this occurs and to keep shareholders fully informed of the progress presumably being made.
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Text of 12/12/00 letter to Interim CEO Pappas:
[letterhead]
LUTIN & COMPANY
575 MADISON AVENUE, 10th FLOOR
NEW YORK, NEW YORK 10022
Telephone (212) 605-0335
Facsimile (212) 605-0325
December 12, 2000
Mr. G. Peter Pappas
Interim Chief Executive Officer
Vari-L Company, Inc.
4895 Peoria Street
Denver, Colorado 80239
Dear Pete:
Participants in the Vari-L Shareholders Committee, and presumably other Vari-L shareholders as well, are concerned that there have been no reports of your progress in restoring the Nasdaq listing.
As Advisor to the Committee, I ask you to tell us the status of the appeal you initiated with Nasdaq over two months ago. Since Nasdaq normally schedules a hearing within two months of an appeal, there must be something for you to report, even if it is only the scheduling or postponement of a hearing.
Please understand that you and the company's directors have accepted full responsibility for timely restoration of Vari-L's stock listing, having assured us publicly that your team of experts would achieve the objective without the Listing Requirements Panel to which we had agreed. And to the extent that your breach of that agreement deprives us of the Panel's monitoring reports, you are also responsible for that function.
As indicated previously, you should treat this or any other information request from me in exactly the same way you would treat a similar request from any investor or analyst. I continue to encourage your response to my inquiries publicly, perhaps in one of your regular press releases, to eliminate any possible appearance of preferential or selective disclosure. Finally, you are reminded that we also await the information requested in my November 29th letter, concerning shareholder litigation claims.
Sincerely,
Gary Lutin
cc: Mr. Timothy P. Vick |
