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Technology Stocks : IVI Checkmate (CMIV)
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To: Sultan who wrote (3704)2/3/2001 7:27:42 AM
From: terry astle  Read Replies (1) of 3721
 
Sweetheart Deal
Does anyone else have a sense from reading the NR's that this is a done deal. The contingincies are nothing more than smoke IMO.
They are not talking takeover (though it will,in effect, be one with majority ownership) but a cash infusion in return for highly diluted shares which needs no shareholder approval.Which, I agree, absolutely sucks.
I suspect with 2 reps. on Checkmates BOD Ingenico knows full well the sorry state of the companys financials & what we have here is a shotgun to our heads to stay in business.Does that sound too far fetched? Afterall, why is the company even considering such a ludicrous offer. If it had been rejected I doubt if Ingenico would be pursuing such a course.
About the only positives I see in this is the newly issued shares are locked up long enough for Ingenico to turn this sorry assed company around. With majority control they'll have the final say & not the current clowns.It just occured to me if Ingenico does get control perhaps current mgmt. will be forced to resign after a respectable period of time which could be a huge positive.
I have also read on another board of a supposedly huge deal in the works. Probably unbelievable but no more unbelievable than the current offer. It could, I suppose, account for the "sudden need for cash" to implement the deal.
So,that's my opinion. The only other comment I have is " I wish I had sold this %%$$#@#@ POS during the last runup."
Regards & good luck.
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