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Microcap & Penny Stocks : Spectrum Information Technologies (SPCLQ)
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To: P. Lowell who wrote (20)3/6/1997 5:07:00 PM
From: Stephen Goldfarb   of 50
 
P. Lowell: The company called for a 1 for 100 reverse stock split in its first plan of reorganization. The court later reduced that somewhat to 1 for 75. The actual reasons are not clear. The company had supported itself for years by issuing new shares. There are well over 70 million shares now outstanding. The reverse split will starkly reduce that number. The class action plaintiffs will also receive a number of a separate issue of shares. As I recall the number will be equivalent to the number of newly issued outstanding shares.

I don't have specific information about their patents. I assume their original patents are many years old, perhaps 10. Just a guess. They have successfully defended their patents in court. There is always the possibility of new technology, however. The company was earning royalties from a number of modem manufacturers. However, these revenues were unable to support the company. They are reportedly seeking to develop and provide software related to wireless communication. The reports are vague. I have no idea what potential the company will have with its revised business plan.

To the best of my knowledge, Mr. Caserta is out of the company. He was brought to court for the activities of his financing company. I believe him to have been sentenced to serve jail time and to have paid a financial penalty.

Regarding the relative merits or demerits of Mr. Caserta and Mr. Sculley, a pox on both their houses.

Steve
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