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Technology Stocks : Applied Cellular Technology (ACTC)
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To: James F. Hopkins who wrote (907)7/5/1998 11:13:00 AM
From: Dr. Harvey  Read Replies (1) of 1062
 
James,

I understand your reluctance at delving too far into alleged improprieties by ACTC management; particularly the Sullivan, Great Bay connection.

I've heard that there are tape recordings of Sullivan telling brokers on conference calls that the price of ACTC stock would be $20.00, guaranteed by Jan. 1, 1999.

it is alleged statements like these that cast major doubt on the legitimacy of this accretive building block that the company is trying to present itself as, when it is in all appearances no more than a shell for Sullivan and friends to capitalize on big time from the issuance of stock.

That Sullivan has made these statements remains to be proven as they are only repeats from brokers who claim to have heard them on conference calls, and in private meetings.

Sullivan is also alleged to have declared the his "magic number" for acquisitions is $7.00 per share, and that he was holding out for that price.

It would be nice to see something resembling any of the projections he is alleged to have made become a reality. If nothing else, I think these guys have made enough enemies in the investment community that the first sign of anything clearly illegal is going to bring a whole host of regulatory activity against them.
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