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Technology Stocks : SI Diamond Technology (SIDT)
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To: Joe Copia who wrote (223)4/14/1998 6:26:00 PM
From: dwight martin  Read Replies (2) of 623
 
Don't get excited. Such an unexplained rise happens "spontaneously" from time to time. Think of it as a cause rather than as an effect. I think we're just fleas on the Eller-Berman-Yaniv dog:

In December 1997, the Company issued notes payable to shareholders of
the Company in the amount of $485,000. These notes are six month notes bearing interest at a rate of 15% and secured by the assets of DTO. These notes are also convertible into the Company's common stock at the option of the lender. If the lender elects to accept payment in common stock, the conversion price of the Company's common stock for determining the number of shares to be issued shall be equal to 75% of the average closing bid price of the Company's common stock for the five trading days preceding the date of notification. $185,000 of these notes are payable to the Company's Chief Executive Officer.

This is in addition to a long list of cheesy financial deals, some involving convertible preferreds. You can see the holders of the note have the power to run the stock down as low as possible before converting. If the company dies in the process, no problem, the equipment is security, and the technology, if it is worth anything, can always be used to start another company. The company has almost no cash, and the notes are about to come due. IMO, our misery will soon be over.
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