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Technology Stocks : VALENCE TECHNOLOGY (VLNC)
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To: kolo55 who wrote (4930)11/12/1998 4:30:00 PM
From: Larry Brubaker  Read Replies (1) of 27311
 
Your description of a numbskull question was the most pertinent question of the CC.

As the questioner correctly pointed out, the variable conversion of preferred shares kicks in on January 27 if a material contract has not been signed by then. The questioner asked whether VLNC was likely to secure a contract by then. A very material question.

Lev's response was not anything like you describe. He acted like there is no variable conversion option and stumbled around saying something like, "I think its tied to stock price...right Joe"? (or whatever the name of the guy was who is the chief accountant). "Joe's" answer was yes, that's right.

He then suggested listeners read the SEC filings. Well the SEC filings, of course, say there is a variable rate option as of 1/27 if there is not a material contract by then.

So, what Lev did was evade a very pertinent question, and what he said was inaccurate.

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