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Technology Stocks : SonicBlue
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To: Herc who wrote (43)6/13/2001 12:13:44 PM
From: Calvin Scott  Read Replies (2) of 67
 
I have been away from SBLU for quite a while but feel the necessity to weigh in on the recent news concerning more layoffs/write-offs.

I have been watching but not participating in the investment of this company since I sold everything early last year waiting for a good time to jump back in. Just when I think good things are about to happen more bad news comes forth.

Now we have an additional reduction in SBLU workforce of 30% and will take a charge of about $150M but I find the most distressing news being the “need” for Pots to sell up to 50% of the stake in UMC and use derivatives to raise “tax free” funds.

What is distressing about this is the need to raise funds in general. I take this as meaning that they are running out of money. This is a very bad sign indeed. It will be interesting to hear what they have to say in today’s conference call.

Pots did say that they plan to grow revenue 50 percent annually over the next two years as "SBLU expands on its own and buys other companies".

BUYS INTO OTHER COMPANIES??? With what money and with what assets? This is ridiculous to say the least. Here they are reducing their work force, planning to sell derivatives based on the assets of UMC stock and then he says they plan to grow revenue 50% annually over the next two years??? How in the hell is that going to happen?

I go back to earlier statements made by myself and others. They should sell all their assets and give the shareholders cash for shares held. All Pots is going to do is spend money on a dead animal. Grow revenue 50% annually my ass! Talk about running a company into the ground. How long is the Board of Directors going to let this chump run this company is what I want to know. Three years is long enough. It is time to get someone in that knows what the F... he is doing. Ken Potashner is certainly not the one. But then who in their right mind would want to take over this debacle?

Calvin Scott
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