Roger's 1998 Short Picks Message Board

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Strategies & Market Trends : Roger's 1998 Short Picks

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To: Roger A. Babb who wrote (17698)	3/16/1999 12:00:00 PM
From: Bob Trocchi	Read Replies (2) of 18691

Roger/Others: Roger I would appreciate your or anyone else's comments on this one if you have the time. RE: On Line Systems Services, WEBB I believe WEBB is a good short. Some of the reasons are as follows. 1. Floorless Convertible Re: excite.elogic.com. Can anyone who knows a lot more than I about floorless convertibles than I comment on this. 2. Lots of PR hype quicken.excite.com. quicken.excite.com. 3. The “height of hype.” In the following announcement about WEBB acquiring a Web site development firm, netIgnite, it turns out that the netIgnite does not have a web site of their own!!! >>Online System Services Acquires netIgnite Web-Publishing Service Developer Enhances OSS' Position in the $5 Billion E-Commerce and Local Advertising Markets<< biz.yahoo.com When I inquired about this with Investor Relations of WEBB, the reply in part said: >>“netIgnite being a relatively young start-up, it would have been premature for them to establish a branded, deep website, especially considering the rate of speed at which the emerging web publishing space is growing.”<< Now that is spin! 4. There is a new contract just announced that projects a 5yr, $25M outsourcing contract. It is true that all the revenue will go to WEBB however, they will use SW from EDFY Corp. using up some portion of that revenue but guess what, who knows how much. In addition, the contract calls for customizing each installation. I do not perceive this to be high margin business (customization seldom is except for very well known consulting firms) and for a company that is under capitalized (IMO) I feel is a big risk from a profit standpoint. >>Online System Services Launches i2u Banking Solution to CU Cooperative Systems, the Country's Leading Credit Union EFT Network<< biz.yahoo.com 5. Significant cautionary statements in recent SEC filing. freeedgar.com; 6. WEBB Financials look very poor to me. biz.yahoo.com I want to thank Dale Russell for contributing to the research on this stock. I will state up front that I am short at present. Please do your own due diligence on this company. I have been wrong before and I can be wrong again but this one looks to me to be a slam dunk but my guess is that it will take a while to realize the full potential of the short. Bob T.

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