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Technology Stocks : Ampex Corp.
AMPX 12.73+13.1%Nov 7 9:30 AM EST
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From: phoenix25/8/2008 3:53:47 PM
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In accordance with paragraph 21 of McKibben's affidavit in support of Chapter 11 petition, it states "After receipt of the July 13th Letter (default letter from Hillside), the BOD continued its effort to identify alternative sources of funding to make Required Contributions under the PBGC Agreement.... The Board determined that no such funding was available on reasonable terms."

Does anyone know whether or not Ampex disclosed (to its shareholders) the results of their efforts in identifying the alternative sources of funding??? The affidavit makes no mention of who they talked to and details regarding alternative sources of funding.

From what I read, the only people that they really negotiated with was Hillside. Full disclosure will be required at the Chapter 11 Bankruptcy hearing for Strickland, McKibben and BOD to get away with what they are doing.

In my opinion, McKibben's Motion to Extend Automatic Stay to Directors and Officer regarding any lawsuits should not be granted if any "appearance of collusion and conflict of interest" can be proven when the "pre-negotiated" plan of reorganization was negotiated with Hillside. The fact that the findings of M-CAM and Commercial Strategies on the monetizaton of its patents were not disclosed to the shareholders places the AMPEX Management and BOD in real legal jeopardy and peril.

Of the four major stockholders (ValueVest, Bramson, Gruber and McBain and McKibben), who do you think will be representing the shareholder's best interest at the Chapter 11 Bankruptcy Court Hearing next week, May 14, 2008?
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