Thank you, very much. I find your explanation more reassuring than I would have expected. I stayed out of the "patent" brouhaha for several reasons, ranging from technical incompetence to an unwillingness to join the melee. When the most recent announcement was made, my reaction was "That's nice." I've been around long enough to know that it's a very long way from obtaining a patent to generating the kind of windfall profits some folks seem to expect.
If I may, I'd like to expound on my attitude about General Magic.
1) I think GMGC is an entity which exists independent of its stock price ... and independent of whether or not it is listed (without, in any way, denying the seriousness of delisting).
2) I feel that the current management inherited a very tough situation ... at an extremely rough time. Given the circumstances, they are not doing badly.
3) I think GMGC in dire straits, but all is not lost. I said some months ago that I did not think the stock price would improve until fall ... and I still think that. My reasons are twofold: (a) the roll-out of new car models, and (b) the length of time it takes to close new sales of (relatively) new technology.
4) I think the risk/reward ratio at 70-odd cents a share is substantially better than Atlantic City, Las Vegas, Reno, or San Juan. The amount of money needed to play is no greater, and, depending on one's disposition, the entertainment value is higher.
5) My greatest fear is that, once the company is out of the woods, someone will make GMGC's management a lucrative offer to allow the company to be taken over for a pittance. For one thing, if they pull GMGC out of the hole, they will have proven their worth, and, for another, even the most altruistic of us would find it hard to resist the kind of offers they'll probably get. Thus, I fear, patience and fortitude will not be rewarded (as well as it should).
I've managed, during the past year, to catch a couple of upsurges in the stock price (and buy back later). In this way, I've worked my average cost down to two dollars and small change. I expect to recover that, and a bit more.
Fred |
