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Technology Stocks : General Magic

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To: Seconds Out who wrote (9809)	10/19/2001 7:14:58 PM
From: equityanalyst	Read Replies (1) of 10081

Seconds -- IMHO, I'm quite happy that Russian appears to have cut as good a deal as possible under the circumstances, cleaning up the balance sheet of the toxics and eliminating further dilution potential down the road, with the 5% rate on the note a very attractive (from GMGC's standpoint) interest rate. Now if only a few other minor hurdles (!) can be vaulted (like the additional financing and some meaningful ramp-up of revenue sources), the outlook will be much improved. From the filing: "Based on the financial condition of the Company as of the Closing Date (i) the Company's fair saleable value of its assets exceeds the amount that will be required to be paid on or in respect of the Company's existing debts and other liabilities (including known contingent liabilities and the obligations under the Secured Notes) as they mature . . . The Company is currently able to pay its debts as they become due. Based on the financial condition of the Company as of the Closing Date, if the Company were to liquidate all of its assets, the Company would have sufficient amounts of cash to pay all of its debts (including the Notes)." Best, ea

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