To: dcy (18728 )
From: Martin E. Frankel
Thursday, Mar 4 1999 12:58AM ET
Reply # of 18867
dcy and ALL,
Just spent quite some time on the phone with Rob Gordon and I will keep this as brief
as possible. The information Bob (REW) has posted on the thread regarding today's
"revelation" is completely accurate and valid. None of the "new" stock is registered.
None of it can be sold or traded (even privately without being stamped as
(unregistered). The increase to 90 million shares being issued and held in escrow (I
repeat... held in escrow) was a requirement of the PP agreement and only about 2
million shares have been actually been given to the PP people. By contract, the stock is
unregistered, and cannot and will not be registered for many, many months and then the
number of shares given will be determined by the price of TSIG stock at the time. This
is unregistered Treasury stock... period. This is fact!
I was incorrect in one of my earlier "possibilities" today. Upper management (the new
super team) was not given stock outright. They were granted options similar to TSIG's
President James Guild and these options only vest on a monthly basis. None have been
sold. This is fact!
Rob Gordon has never once lied to me or mislead me in any way. He is a sharp
businessperson and a great dealmaker... and that is perhaps one of the reasons I feel so
strongly about TSIG's future. The proof of the pudding is what he has done for TSIG in
such a short time period... assembling a fantastic management team, developing a
phenomenal and unique marketing plan, starting to execute alliances, etc., etc.. How
quickly people forget! That is fact!
Those who wish to believe the distortion of facts being spewed on the threads are
certainly free to do so, but please don't come back and cry when more and more PRs
are coming out. The only think "factual" is that 90 million shares have been issued... but I
repeat, the increase in shares was a contractual requirement, the "new" stock is in
escrow and only about 2 million have been given to the PP holders, and, most
importantly, none of the "new" stock is registered and hence cannot be sold... not only
because it is unregistered, but also the contract with the PP "people" does not permit it
to be sold for many, many months from now when, IMO, the stock price will be
significantly higher... and that includes the 2 million shares they (the PP "people") have
already received. These are facts!
Be Right!!!... Sit Tight!!! And that is my opinion based on fact! And for those who
cannot understand and choose to sell... well, have a nice weekend. And one other
thing... this is NOT a floorless convertible! I am here for the duration... actually in
perpetuity.
Best always,
Marty
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