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Strategies & Market Trends : Low Price/Cash Ratio Value Stocks

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To: Anaxagoras who wrote (149)	5/22/1999 3:57:00 PM
From: eWhartHog	Read Replies (1) of 1931

Anaxagoras, I looked at the COCN 10-Q briefly and think you may have overlooked the preferred equity of $15.26 million at 3/31/99. This exceeds the cash and short term investments, and even total shareholders' equity of $4.68 million. Thus common shareholders' equity was negative, in excess of $2 per share. The class E preferred appears to be a floorless convertible. The company lost $0.82/share in the March quarter, and warns it will require further financing to continue to operate. COCN may be a worthwhile investment based on its technology and patents, but I can't see it as a great buy based on the balance sheet alone. Please advise me if I've missed something. Regards, John

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