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Technology Stocks : Sonic Blue (SBLU)
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To: ToolManInc who wrote (48)3/24/2003 9:41:12 AM
From: rrufff  Read Replies (1) of 57
 
There's probably enough "weasel" words in there to cover their posteriors. One could argue that bankruptcy is a "strategic alternative."

I would imagine the class action guys are looking at this and will judge based on a totality of the facts. For example, if there were some insider selling after your quoted statement, then that may be actionable. If there were other statements made to analysts that led investors to believe that shareholders would be in a better position over some future pattern, then there may some actionable claims.

But if you re-read what you wrote, there is nothing in there that gives any allegiance to shareholders. That's the thing that needs to be truly reformed. It's my belief that management works for shareholders and must be prevented from raping company when cash is available, only to abandon shareholders when times become tough.

I don't know enough about the history but if there is a history of over payments to management such that there amounted a breach of fiduciary duty to shareholders, then this may be actionable. Unfortunately, most of the class action guys for "cookie cutter" claims, the result being a few pennies for shareholders and millions in legal fees. They prefer that to "tough cases" that involve "real work."
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