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Technology Stocks : fashionmall.com, Inc. (FASH)
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To: stock leader who wrote (40)12/30/2000 12:45:11 PM
From: Glenn Petersen  Read Replies (4) of 76
 
After reviewing GENI's financial statements, I am now convinced that FASH's management will not accept this offer. GENI is a financial disaster and I find it hard to believe that the stock is trading at $17 per share. As of September 30, 2000, GENI had $1.5 MM in cash and had burnt through $24.3 MM during the first nine months of the year. GENI needs to do this deal or find alternate sources of funds in order to finance their business. It makes no sense for FASH to accept the equity portion of this offer.

In their September 30, 2000 Form 10-Q they disclose that they only have enough funds to survive until the middle of 2001:

sec.gov

We believe that our current cash and cash equivalents on hand, together with existing credit facilities, the cash flow expected to be generated from operations and cash generated from future sales of our equity, will be adequate to satisfy our current and planned operations through the middle of 2001. However, we are currently seeking to acquire a bank credit line or similar credit facility and seeking to refinance our mortgage on our new office building to help finance future operations and acquisitions. We are currently in the process of raising additional equity capital in a private placement offering that is being underwritten by a major financial institution. If we are not successful, our ability to expand CENTERLINQ and make strategic acquisitions will be adversely affected. We are also seeking additional financing to expand our existing business to purchase new products and purchase media time to advertise for these products. If we are unable to obtain this financing, our ability to purchase media time to advertise our products will be significantly limited.
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