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Technology Stocks : Log On America, Inc. LOAX
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To: Sir Auric Goldfinger who wrote (136)5/18/1999 4:30:00 PM
From: ISP_Investor  Read Replies (1) of 353
 
To disclose it up front-> I'm not with any brokerage firm. I look at ISPs in the private market as investments for other people and ISPs. I caught wind of LOAX through another ISP who told me about LOAX and its value. I began to do my homework on LOAX and it became apparent that this was a stinker. I wouldn't short an overvalued company unless I felt there were substantial holes in the company; enough said there. I passed on an ISP of a similar flavor (~700K in sales, management background, high speed access deployment status, etc.) at a pre-money valuation of 900K so this one is a no-brainer at 190M. The more homework I do on LOAX, the better I feel about my position. I also like the gravity behind this company. If you'll look at the S-1 and notice how many of the outstanding shares are waiting to be sold by insiders you'll notice that the volume can't support the selling even with 144 volume restrictions.

If you can't feel the gravity then picture this: You are the CEO of an ISP that had 300K in sales and you were awarded 2.3M in options which now make you worth 50M on paper. The only way to convert that paper to cash is to sell your stock. The private investors are thinking the same thing. They bought the stock at a fraction of what these goatheads out in the public market are paying right now and they are dying to get unlocked by the underwriter so they can sell.
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