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Technology Stocks : GTIS - Will it be a Phoenix or not ?
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To: Scott Miller who wrote (1529)2/23/1998 6:15:00 PM
From: Bonzo  Read Replies (1) of 2319
 
Scott suffice to say I completely disagree with you regarding membership. You aren't going to change your opinion, nor am I, so lets move on. You said you were here to correct mis-information so please start correcting. I wasn't thrilled with your comments about MPRS. I believe their back catalog alone is probably worth their current market cap of appox. 58M. GTIS must have seen a lot more than you did in making a 250M (8 5/8 at the time) offer. MPRS has Falcon due out later this year. Also, I am of the opinion that they will prevail in their lawsuit regarding th Civ. franchise. My big complaint with MPRS is that they have missed the boat by sticking with PC only games. The robust growth, as you know, is in the N64 and PSX platforms >60%, whereas the PC platform is probably in the 15-20% range. Maxis was bought out last year for 125M for essentially nothing more than the Sim City franchise >2 x sales. It is my understanding the GTIS deal fell through because MPRS was uncomfortable with GTIS aggressive, non-industry standard accounting methods. Since then GTIS has changed their Royalty and R&D items to the more industry acceptable expensing rather than capitalizing. Also, what do you think about GTIS 215M in A/R. This exceeds the 213M in sales for the quarter. DSO > 90 days. Worrisome just a bit. I see more bad debt write-offs here, what do you think?
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