Thanks Zeev. I hope TSIG approaches the PP holders and attempts to modify the terms of the PP agreement. It has been done before and with two supposedly benevolent PP holders (i.e. J. R. LeShufy and Bernard Deutsch/family) - I think TSIG would have a good chance at coming to such an agreement. Bernard Deutsch has already stated that he would not short and I would think that J.R. LeShufy would be prohibited from shorting because he is on the Board of Directors of TSIG. They would have a lot more to gain from TSIG's upside potential than from seeing TSIG decline further in price IMO.
Your suggestion before (i.e. putting in a floor in exchange for a ceiling) seems very reasonable to me under current conditions - especially when considering the following:
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J.R. LeShufy was the President of Basic Investments, the PP investor with the MOST at stake in TSIG:
TELESERVICES INTERNATIONAL GROUP INC
Form: SB-2 Filing Date: 5/7/99
"SHARES
MAXIMUM BENEFICIALLY
SHARES SHARES OWNED AFTER
BENEFICIALLY OFFERED IN OFFERING
NAME OF SELLING OWNED PRIOR OFFERING -------------
SECURITYHOLDER TO OFFERING (1) NUMBER(2) NUMBER PERCENT
-------------- --------------- --------- ------ -------
Amro International, S.A. (3) .... 11,224,250 11,224,250 --
Endeavor Capital Fund, S.A. ( 4) 6,050,000 6,050,000 0 --
Basic Investments Ltd. (5) ...... 25,822,640 25,822,640 0 --
Joseph Abergel (6) .............. 1,500,000 1,500,000 0 --
Rebecca F. Walter (7) ........... 2,500,000 2,500,000 0 --
Grady & Hatch and Co., Inc. (8) . 250,000(9) 250,000 0 --
Cliffwood Management (10) ....... 1,000,000 1,000,000 0 --
Michael Johnson (11) ............ 1,000,000 1,000,000 0 --
Frank V. Pelligrini (12) ........ 1,000,000 1,000,000 0 --"
"(5) The address of the principal business office of Basic Investments, Ltd. is Attn: J.R. Leshufy,
215 East 68th St., Suite 32H, New York, New York 10021."
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J.R. Leshufy is now on the Board of Directors of TSIG.com:
fast.quote.com.
"Investor J. R. LeShufy to Replace John Hwang as Director of TSIG.com
BusinessWire, Tuesday, June 01, 1999 at 14:10
ST. PETERSBURG, Fla.--(BUSINESS WIRE)--June 1, 1999--TeleServices
International Group Inc. (OTC BB:TSIG), known as TSIG.com, today
announced that John Hwang has resigned as an employee and director of
the Company and that J. R. LeShufy has replaced Mr. Hwang as a
director. This change reflects a move by the company to focus on its
My MusicCard program and its Web-based call center.
J. R. LeShufy was formerly president of Basic Investments Ltd., a
major investor in TSIG.com. He is a director of Inkine Pharmaceuticals
(NASDAQ:INKP), a biopharmaceutical company. Mr. LeShufy is a private
investor and entrepreneur with a background in developing companies.
He was the President and founder of Consolidated Fine Arts Ltd., an
innovative marketing company for the visual arts, primarily in
graphics and art books.
"We are delighted to have J. R. LeShufy join TSIG.com as a
director," commented Robert Gordon, chairman. "Mr. LeShufy has
extensive experience in building companies. He believes, as do I, that
we can build a large and profitable company with the contracts we have
in hand at TSIG.com."
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I may be completely wrong - but I still see TSIG as a good investment for the long term. :~)
Regards,
Phil |
