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Technology Stocks : S3 (A LONGER TERM PERSPECTIVE)
SIII 0.00010000.0%May 12 5:00 PM EST
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To: Tom Terf who wrote (7507)11/6/1997 5:00:00 PM
From: Jan A. Van Hummel  Read Replies (2) of 14577
 
Tom,

You continue to reach.

If you look at the SEC filing on this debt you can see exactly what rights
and obligations were assumed by both sides. If there is a violation of
any of the terms, it will be addressed. I will check, but if I recall well,
the debenture was issued before any of the quarters that may have to be restated.

The $19 level per share is immaterial. There was no promise of higher stock
prices. The issuers agreed to lower the financing rate to have the option to
convert it into stock should the price get there. It is a risk they accepted up
front. There may be only an issue here if there is a violation.

I do not share your dark view of S3, a view that seems to be driven by ulterior
personal motives.

The reason that S3 is trading at a measly 1.5 times book value has more to do with
the lack of clear direction and the market's perception of a steerless company.
Until the BOD and management addresses these issues the stock will not
go anywhere.

The company is ripe for the taking and today many investors would be more than happy
to part with their stock at $12 - 15/share, which would still be a hell of
a bargain for any suitor.

JMHO

Jan A. Van Hummel
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