Bill Wexler's Dog Pound Message Board

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Non-Tech : Bill Wexler's Dog Pound

REFR 1.750

-5.9%

Nov 4 3:56 PM EST

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To: Larry Brubaker who wrote (497)	3/31/1999 7:22:00 AM
From: Zeev Hed	Read Replies (1) of 10293

Larry, I think that the VLNC people should compare the financing MVIS just got with the financing they have, I think they may understand what favorable terms are. VLNC are not favorable terms, they force management to divert all their attention to getting more money in rather than concentrate on successful launch of their product. The truth is that tomorrow they may see a new investor providing another "bridge" loan to "production" at terms which are much worse that the current two preferred, and guess what, CC gets these terms automatically (I believe on the whole $15 MM). I do not know that this will happen, but time is getting short and cash must be very very low. Companies that wait to arrange financing to the last second pay a very hefty price for such follies. The only thing that puzzles me is what is holding the stock just above $7 here, by now some people must know what the outcome will be, the stock should either show strength because a PO is in the mail, or excess weakness because a fatal financing is in the mail, but it shows neither. Very confusing. Zeev

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