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Technology Stocks : VALENCE TECHNOLOGY (VLNC)
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To: Larry Brubaker who wrote (4966)11/13/1998 10:58:00 AM
From: kolo55  Read Replies (1) of 27311
 
Regarding Lev's response to the variable conversion Q:

If the questioner could have put forth an accurate question, he may have gotten a better answer. But his question contained an incorrect premise, and so Lev responded by saying his premise was incorrect. The questioner wasn't familiar enough with the SEC filing to rephrase his question, so Lev just left him 'twisting in the wind'.

I wasn't happy with Lev's cruel response either, but the details of the financing deal are quite complex, and trying to explain them to someone who clearly wasn't familiar with the document, in a conference call, would entail a great deal of time. So I understand why Lev responded as he did, i.e. by referring him to the SEC filings which spell out the financing deal out in great detail.

I agree the root concern about variable conversion is a material issue. What the questioner was trying to get at; we need a contract announcement prior to January 27 to prevent a possible setting of the price of the variable conversion. If we get a contract announcement, then the earliest the variable conversion price determination would occur is next July 27.

But Lev had already said several times that he couldn't release any information on contracts or speculate on contractual timing in the call. So he couldn't address the fundamental concern in the call, even if the questioner had posed an accurate question.

The best info we have on timing of contracts is contained in the agreement itself. Management knew they needed to have a contract announced within six months when they entered into the agreement. Their customers will certainly control the timing of a contractual announcement. Until the customers announce, management really can't say anything about contractual agreements. Thats why we get 'no comment' on questions about contracts.

Paul
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