Clarification: Press Release March 29, 1999
Paragraph 5: "As disclosed in prior public filings, the confirmed Plan provides, among other things, for the conversion of $325 million of senior and subordinated debt to approximately 100% of the OUTSTANDING COMMON STOCK of the REORGANIZED company."
Paragraph 6: "On the effective date of the Plan, which the company expects to be April 1, 1999, the company will change its name to Nucentrix Broadband Networks, Inc. and restructure its business in the following FOUR wholly owned subsidiaries: Nucentrix Internet Service, Inc. ("Nucentrix Internet"), Nucentrix Telecom Services, Inc. ("Nucentrix Telecom"), Nucentrix Spectrum Resources, Inc. ("Nucentrix Spectrum") and HEARTLAND CABLE TELEVISION, INC. ("Heartland Cable").
Paragrah 10: HEARTLAND CABLE will operate the company's existing subscription television business...
With respect to the above, there is NO explicit explanation that the shares of Heartland are to be CANCELLED, nor that the present company Heartland is to be dissolved - as it is also keeping a subsidiary with that name in whole. The press release explained only portions of company intentions that are construed as deceptive and misleading.
Although the press release referred to the December 4, 1998 public filing, the fact that it chose to discuss only "select portions" of that filing and omitting specific facts that were detrimental to commons stock shareholders IS and WILL BE interpreted by the courts as an "intent to deceive and mislead".
I have nothing against David Sirk, I was in prior to him ever being aware of this issue; it is his hype prior to him doing any DD - as in his posts on March 31, 1999, in the morning - all gung ho and "his interpretations" blah blah. Where did I BLAME Sirk for any portended losses? I questioned Sirk's pump style when he jumped on the bandwagon on March 31, 1999 posting "Oh yeah, this is the one, we will get percentage of warrents, here's my take on the matter, etc". He does this with many issues he gets onto and he is 50/50 in this strategy.
Now that is my definition of BLIND, INCORRECT and REDUNDANT posts. |
