S3 (A LONGER TERM PERSPECTIVE) Message Board

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Technology Stocks : S3 (A LONGER TERM PERSPECTIVE)

SIII 0.0001000

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May 12 5:00 PM EST

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To: Jan A. Van Hummel who wrote (8007)	11/20/1997 8:22:00 PM
From: Ken Muller	Read Replies (2) of 14577

Jan: <<Incompetence yes, "low ethical standards" is quite a claim and until there is news to suggest so, I would like to hold it to incompetence.>> I really am trying to wear the rose colored glasses on this one Jan, but something keeps fogging them up. Couple of things just continue to bother me: 1. S3 says on 11/3 that the accounting errors occurred primarily during 2nd and 3rd quarters and would be accounted for primarily in 4th quarter. Now we learn the bulk of the accounting errors occurred during 4th quarter 1996. The differences in the statements suggests total ignorance or an attempt to divert attention from the proper time. (If you don't know when the errors happened, its ok to say that.) 2. George Hervey (Previous CFO) resigns on 3/4/97. 3. Most all the recorded insider stock sales of the board occurred during 4th qtr 1996 and 1st qtr 1997. As you know, I have been a big promoter of this stock in the past. I still believe its asset valuation alone justifies a higher price. People tell me that this is just an accounting error with no significance. I can tell you that anyone who failed to get every little sale correctly recorded in the semi business would get fired in a minute. This accounting error requires mass cooperation from many parts of the organization; everyone knew. The problem S3 has right now is with the accounting firm who audited the year end results. They wil become part of the lawsuits. Unless they were completely derelict in their duties (always possible) they were given the wrong numbers. Wrong revenue, wrong inventory, wrong accounts receivable. I am trying to see the brighter side. Really. They knew. Ken

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