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Strategies & Market Trends : Mr. Pink's Picks: selected event-driven value investments -- Ignore unavailable to you. Want to Upgrade?

To: themadsnooker who wrote (12773)	2/11/2000 10:58:00 AM
From: R.E.B.	Respond to of 18998

snooker, the HDTV plot thickens: Apparantly, the loan made by Argyle Capital to HDTV was funded in part by a Mr. Becker. As you know, Argyle loaned money to HDTV and now Mr. Becker claims that he has not received his "convertible note." Now that the stock is over $6, I'd be wanting my convertible note too... especially because its convertible at 50 cents per shares. Anyway, Mr. Becker has now commenced an action in the Supreme Court of the State of New York, New York County against Spatialight and the Olins Entities (Olins is who I previously referred to as Mr. "O") to recover damages, including a claim that Mr. Becker is not only entitled to the benefit of the investment of the $684,000 he invested with Spatialight, but also the investment of the $504,000 by the Olins Entities plus interest on the $1,188,000 note, whether paid in cash or in kind. Mr. Becker also claims ownership of 100% of the investments made on the advice of the Olins Entities by reason of the failure of the Olins Entities to observe their fiduciary duties to Mr. Becker. Mr. Becker commenced an action in the High Court of Justice on the Isle of Man against Jalcanto and Sabotini, and on January 26, 2000, obtained an injunction from the Chancery Division preventing transfer of the assets of such entities. What the hell is going on here? More.... "From April 1998 to June 1999, pursuant to advice from the Olins Entities and pursuant to the Agreement, Mr. Becker purchased 120,000 shares of Common Stock of Spatialight in market transactions in his securities brokerage account, over which the Olins Entities have discretion." -- So if I read this correctly, Mr. O, a director of HDTV had discretion to purchase shares of HDTV in the account of Mr. Becker.....ANY SEC FORM 4 REQUIRED HERE??? And finally, what did your lawyer always tell you? That's right, get it in writing. "With the exception of the 120,000 shares of Common Stock acquired in market transactions, all of Mr. Becker's beneficial interests in Spatialight securities (including the Common Stock) which this Statement describes are currently in dispute. The arrangements pursuant to which Jalcanto, Sabotini and the Olins Entities acquired Spatialight securities on Mr. Becker's behalf have not been reduced to writing." [emphasis mine] The only thing missing in this plot is an illicit love affair.