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Technology Stocks : General Magic

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To: Kurthend who wrote (9927)	2/21/2002 2:07:23 PM
From: Seconds Out	of 10081

Hi Kurt. I am voting for the shares. It has been a long decision making process for me, and I have heard some very persuasive arguments from the likes of Mike M. at RB etc... I think it will be very difficult for GMGC without the additional shares. The company has a difficult period ahead of it in part caused by the Special Meeting. The shareholder fear of major dilution is a self fulfilling prophecy. GMGC did not help the situation by asking for so many shares if they believe they don't need them all for a while. I thought the last CC went well, if you believe what GMGC says. Many investors do not. I cannot fault that viewpoint, however I do disagree with it. If GMGC had asked for 20 million shares at this time I don't think the stock price would have tanked as bad as it did. But they didn't, and here we sit. FWIW, I think GMGC will sign a number of new customers in the coming months. I predict some of them will prohibit GMGC from announcing the relationship for the time being and that we will have to rely on the balance sheet to verify deals in progress and the income statement to verify that income is coming in from somewhere. This will only add to the frustration in the short term. The next financing will hurt. It is inevitable. It will cause another round of overhang to get through when something positive occurs. I will continue to play the stock during this rolling valuation period while holding my core position for what I still believe will be a positive outcome. I have averaged down fairly aggressively during the last few months, as I think anything higher than a buck or two is far off. I will be quite happy if we see those levels later this year. If GMGC doesn't make it, I lose. If they can come out the other side of this economic downturn (and their own cash crisis) I think they still have the technology and ability to reward me more significantly than many other companies out there. Good to hear from you. I hope all is well. Seconds Out.

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