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Technology Stocks : VALENCE TECHNOLOGY (VLNC)
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To: I. N. Vester who wrote (1630)12/10/1997 2:47:00 AM
From: Gordon Quickstad  Read Replies (1) of 27311
 
Valence sprung from technology purchased from Mead Corp. for $2 million plus royalty rights. Carl Berg originally owned 33% of the shares outstanding after the public stock offerings. Carl unloaded 495,000 shares in Nov. 1992 that he purchased for $0.01 each. The stock had an average price of $21/ share in Nov. 1992 so he netted a cool $10 million. 4.7 million insider shares were eligable for sale immediately after the Nov. 1992 stock offering, subject to the approval of Montgomery Securities who did the underwriting. The company used $6.2 million from the first May 1992 offering to repay Berg's loan to the company to get it going. Carl has been a significant shareholder and director of Actrix (closely held) in the mid-1980s that went under. He also was an insider in International Memories Inc. (hard drives) and in that capacity was accused by 3M of securities fraud in 1978 and the case was eventually settled. The International Memories shareholders ended up with stock in Corvus and Carl was it's biggest shareholder and lender. Corvus went chapter 11 in 1988. Carl was the largest shareholder in Integrated Device Technologies in Mar. 1993. Between 1989 and 1993, IDTI paid Berg at least $20 million in real estate transactions. This information was gotten from the Mar. 1993 issue of Forbes. The second to the last paragraph: "The pattern seems to be this: Outside investors may do poorly, but Berg usually gets his money out. Says Berg: "I like big rewards and big risk. Probably no one else would have put their money in [Valence]"".
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