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Technology Stocks : TAVA Technologies (TAVA-NASDAQ)
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To: Tim J. Flick who wrote (7310)12/15/1997 10:39:00 PM
From: Karl Drobnic  Read Replies (1) of 31646
 
The 2+ million in the registration statement should be the end of RenCap's supply of stock. The last time I talked to an official there about their TPRO shares, he said they wouldn't convert until they intended to sell since they collect a dividend on the pfd. So it looks like RenCap accounts for the depressed stock price. I posted long ago that RenCap has a lot of clunkers in its portfolio, and so it is understandable that they would want to go to their shareholders meetings in 1998 with some massive winners to justify they big risks they take. At least some of the RenCap position is at less than $1/share due to anti-dilution provisions in the original funding. Also, RENN has been selling at a 20-30% discount to NAV. They'd like to see the price rise.
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