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Technology Stocks : General Magic
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To: Mike G. who wrote (2566)6/30/1998 1:43:00 PM
From: Frank Wechsler  Read Replies (2) of 10081
 
I also was at the New York meeting and was impressed by the demo and by Markman. I asked about the recent financing and the speculation here that the providers would want to short the stock and bring it lower.

McCormack did not think that this was a problem. This group is the same as the group that gave us financing in january, and the structure was similar. There was no move to artificially lower the stock price then, and he does not expect it to happen now. He also thought that is was not in their interest to short the stock.

Markman added that these investors have been very strongly gungho for GMGC from the beginning, and thus, would not want to drive the stock down.

The present facility is now ready to handle 10,000 subscribers, and he said that will ultimately be able to handle 100,000. They are actually not wanting to have a big influx of subscribers initially, to avoid the problems that others have had of their setup being overtaxed (he mentioned a few, including the Microsoft network).
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