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Technology Stocks : fashionmall.com, Inc. (FASH)
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To: paulbk who wrote (73)8/4/2002 2:39:09 PM
From: Glenn Petersen  Read Replies (1) of 76
 
The drop was related to the fact that Friday was ex-dividend day for the $3.75 distribution. Looking at their last 10-Q (filed in May), they should have about $.40 per share in assets. It will be interesting what they have to say in the next 10-Q which is due by the 14th of this month.

A Don Whitaker purchased about 455,000 shares earlier this year and filed a SC 13D on July 15, 2002. Here is his take:

freeedgar.com

ITEM 4. PURPOSE OF TRANSACTION

The purpose of the above transactions were: To participate in the perceived liquidation that the Whitakers thought would occur after FASH tendered for it's own stock in late 2001 and the belief was reinforced by the 13-Da filing by the CEO and 57% owner of FASH on April 17, 2002 which stated: Mr. Narasin is actively considering several proposals from third parties to sell his control stake in the Company. On July 9, 2002 FASH declared a dividend of $3.75, which was a major step in giving surplus funds to shareholders. It is expected that a total liquidation or similar plan will be announced by Dec. 31, 2002. Mr. Whitaker may in the future buy more shares or sell some or all of his shares that they presently own depending on price, market conditions, availability of funds and other considerations.
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