Bill Wexler's Profits of DOOM Message Board

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Strategies & Market Trends : Bill Wexler's Profits of DOOM

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To: Bill Wexler who wrote ()	7/16/1998 6:52:00 PM
From: Bill Wexler	Read Replies (2) of 4634

Turbochef discloses its stock promotion scheme. Turbochef is a company that markets the "Turbochef" oven. This oven is basically a microwave combined with a hot-air cycling system. Turbochef falsely claims that its oven is a superior cooking system. turbochef.com Turbochef ovens are expensive, difficult to operate and maintain. Small wonder that they can't sell any. In one case, Turbochef has had to arrange for a money-losing lease programs to convince the UK chain, Whitbread PLC, to try out the ovens in their restaurants. Despite this favorable arrangement Whitbread did not order new ovens. Despite the fact that appliances are a low-margin business and subject to intense competition from giants such as Whirlpool and GE, Turbochef management has fraudulently promoted the company's stock by claiming that Turbochef is actually a high-technology company - deserving of a tech multple. They refer to their ovens in terms of an advanced-technology "cooking system". Turbochef has never earned any money and its sales have never gotten off the ground. At the current price of 7 1/4, Turbochef has a market capitalization in excess of $100,000,000. Turbochef has not significantly changed its oven or its marketing strategy since going public. In fact not much seems to come out of the company except press releases. The recent press releases of July 10 and July 16: biz.yahoo.com biz.yahoo.com ...demonstrate the company's desperate and comedic attempts to position itself as a "high-technology" firm. I have no doubt that we should be seeing a press release any day now discussing how Turbochef ovens will be sold over the internet. I continue to hold my short position, and strongly recommend shorting at any price over 5.

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