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Technology Stocks : Leasing Solutions (LSN)
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To: nokomis who wrote (16)10/23/1998 1:21:00 PM
From: Eben Battaglia  Read Replies (1) of 33
 
NOK,

While encouraged by the text of your conversation with Yeffa, I have to wonder why the company has not issued a press release explaining that the delay resulted from a processing system conversion. This type of information could have easily been incorporated into the original announcement of Wednesday evening and the slaughter could have been diminished greatly. I can't believe 3 million shares trade because the company's computer conversion is going slower than originally anticipated. I have followed the company for some time now and have always found their press releases to be timely and detailed when issues such as these present themselves. Why not this time?

I heard from another source that the delay was due to the auditors wanting the company to write down the value of leased equipment on the company's books. While this may be a one time charge to earnings it will also impact the profitability of future leases as the residual value of the leased equipment is lowered. The company has always warned that it did not have much experience in the disposal of the equipment that came back after the lease was done. Perhaps they are now beginning to see that the equipment is worth far less than they had originally anticipated. As everyone here is a computer user, we all know first hand what 3 year old computers are worth.

To summarize this long winded post:

1) I am concerned by the lack of detailed explanation from mgmt

2) If equipment valuation is the issue, how will this effect the future.

Eben
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