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Technology Stocks : MITEL (MLT)
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From: 4finger12/26/2000 2:55:07 PM
  Read Replies (1) of 1730
 
There is a famous photo of a dejected LBJ during the Vietnam war sitting around an empty conference room table with his head in his hands. The title of the picture is "the last believer". Mitel makes me feel the same way. I used to believe in management, but this move leaves me at a total loss. Every time I think about the give away of the BCS div. I get so disgusted I could puke.

Terry Mathews will make out like a bandit on this one and all "NewCo" has to tell us is that they plan to pay off some debt. Well excuse me while I puke again, if I had wanted a bond fund investment I would have bought one myself. That is NOT why I owned Mitel. I'm truly sad to see that my prior post about the risk of a give-away to a "not so arms-length party" at give-away prices has become reality.

At least if they came out and announced concurrently that the proceeds would be used to acquire an equally beaten up high growth semi company, then I could rationalize giving away a very promising VoIP franchise. If they have nothing more than "hey we bailed at the bottom of the market" as a story to tell the street than I think management has blown their credibility.

As disgusted as I am, I don't think becoming a seller here makes any sense. I'll look for a trade when the semi group comes back.
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