Still more on VLNC from "that rag":
thestreet.com
Finally, reader Patrick Miller writes: "Why don't you give it a rest regarding your constant biased slant on Valence? Clearly you're associated with short-position holders and your perspective is obviously extremely tainted. Why do you harp on the lack of credibility? And what supports your position?"
Ten years of not delivering a big contract, for one. But let's be a little more recent. In a November conference call, CEO Lev Dawson was asked if shares Telcordia received for selling a part of its biz to Valence would be locked up. In response, he said, "Locked up for a while, yes." But, then he appeared to hedge himself by starting to say something about not disclosing and then saying the deal was not final, yet. When asked if there would be some disclosure as to the lockup when the deal did close, he said, "Absolutely." That was in November.
The deal closed a month or so later, and was followed by the filing of an 8-K. And guess what? There was no disclosure in the 8-K about a lockup, as Dawson said there would be. But, hey, that's not all: Two weeks ago, on Valentine's Day, Valence filed an S-3 registering Telcordia's shares to be sold. Asked during a conference call later that day about whether the shares were free to trade, he said, "They are free to trade now." He had led people to believe there would be a lockup -- or at least a disclosure about a lockup -- and there was neither. That, Patrick, has everything to do with credibility. |
