Interesting comments on LUMN by GC (George Chelekis):
Following is extracted from Leroy Stockman's internet newsletter sent on 9/24/96. I guess there is some truth and fiction in his comments. I have come to take GC's comments with a grain of salt. Brian, Paul, Kevin, etc. What's your take on it?
Regards,
Kit
P.S. I'm still holding too (don't know for how much longer).
____________________________________________________________________
>In my opinion LUMN has two problems.
>
>1) They must sell the product to high volume users to generate the
>revenues many analysts predicted a couple of years ago.
>
>2) Credibility/Credibility/Credibility....The word "misrepresent" was
>never mentioned at the conference call but you could feel it through the
>phone lines.
Dear LS-----
Regarding the first statement and the ongoing squabble with Coopers &
Lybrand, LUMN continues to lie, lie, lie. I spoke with Mike Ivezic last
December and he told me they were getting another accounting firm. They were
very unhappy with C&L, but they have stayed with them. Meanwhile, one of my
sources claims that LUMN has past-due accounts with Omnicad -- the
manufacturer of their machines -- six or seven months past due!!!!
Regarding "Credibility," I warned you, several months ago, that this company
lies. They are a history of lies. Rob Zuk and team were the culprits in 1995.
I was the one who took the fall in the eyes of the SEC and was blamed for
"hyping" them, etc. Meanwhile, I was reporting what they claimed to me. After
they "cleansed" themselves of all the liars and disassociated themselves from
me, I still hear the word "misrepresent" mentioned in the same breath of
LUMN. Now, isn't it curious that IF I were the culprit or if Rob Zuk were the
culprit and neither of us have anything to do with LUMN at this time, why
does anyone continue to infer or imply that LUMN is still
misrepresenting????????
I believe it is because the whole deal smells and is yet another gigantic
fraud perpetuated by Mike Ivezic et al. Just my opinion and not a statement
of fact. Time will tell, but it's my guess is that if you give Mike and
company enough rope, they WILL hang themselves.
Best, GC |
