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Non-Tech : Simula (SMU)

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To: JB who wrote (1434)	10/1/1998 10:42:00 AM
From: Noblesse Oblige	of 1671

Hi JB.... Matter of fact, the ITS division alone is worth twice the current market capitalization on a full sale. However, credibility has been shattered, and we are in the tax selling season. If management does anything to re-write the strike price of its options, there will be a real insurrection among holders (I believe, anyway!). Let us hope that the senior people are aware of the market realities. This entire problem unfortunately places in a very bad light the recent announced change in the manner the company will be communicating information to shareholders, particularly in regards to the upcoming conference call. It is clear that the shareholders are going to want to "grill" management at some length on the 16G manufacturing issues, and you can't do that if you are listening to a taped call. My own view is that management will recognize this and maintain the open nature of the call, but I will be PROFOUNDLY DISAPPOINTED if the senior people change this communication method at a time when such an action would make credibility issues even worse. Have a good day.

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