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Technology Stocks : VALENCE TECHNOLOGY (VLNC) -- Ignore unavailable to you. Want to Upgrade?

To: Larry Brubaker who wrote (19390)	4/28/2000 7:47:00 AM
From: MHS	Respond to of 27311

And both you and Zeev are not adding in the Irish IDB. mhs

To: Larry Brubaker who wrote (19390)	4/28/2000 8:39:00 AM
From: LiPolymer	Read Replies (1) \| Respond to of 27311

Speaking of assumptions... <<Zeev, that assumption ignores the fact that VLNC had about $13 million in current liabilities at the time they received the $30 million. Depending on how quickly those short-term obligations had to be paid, VLNC may not have had $20 million in the bank a week after they received the $30 million.>> A quick review of Current Liabilities from past SEC filings: 03/99-$11.5M, 06/99-$10.8, 09/99-$10.4M, 12/99-$13.4M (Note the consistent trend, with slight uptick due to the production ramp.) It is reasonable to postulate Valence will continue to keep liabilities well-managed with their creditors, especially with all the evidence of Valence making a solid transition to a going concern. How disingenuous to suggest that Valence would have to immediately clear current liabilities with the Capital Guardian financing within a week. I seem to recall that certain entities made assurances to lower their shrill ranting by a few decibels once Valence procured legitimate financing. Guess that says a lot about who/what can be trusted around here.

To: Larry Brubaker who wrote (19390)	4/28/2000 9:31:00 AM
From: Zeev Hed	Respond to of 27311

Larry, you got to take into account the very high quality of the CFO VLNC got in last year, I mentioned this some time ago, he has managed to get the money they needed when the company was in dire straights, I am betting that he is now waiting for the next upsurge to get more money in. If the stock does not hold $15, we will know that additional problems are ahead, remember if the FA and TA do not jive, believe the TA, that works both on the way up and down. Zeev

To: Larry Brubaker who wrote (19390)	4/29/2000 3:50:00 AM
From: add	Respond to of 27311

Larry, if they ran up to $13M in current Liabilities, then they can run up to $13M next time before they need financing. Obviously, they can strech payments to that level. We saw nothing in the SEC documents to show that they were being hounded by creditors, unless you are now making claims that are not in the SEC documents. I know you wouldn't want to do that Larry, would you ? So they burn $10M/ qtr and thus still have 2 quarters to go, if we ignore increased working capital needs on ramp up and equipment purchases. Don't be sly and obscure things. Yes, they may not have had $30M in the bank a week after receiving the money, but the current liabilities does not impact the time it takes before they have to go back to the well.