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Technology Stocks : Preference Technologies -- Ignore unavailable to you. Want to Upgrade?


To: afrayem onigwecher who wrote (294)11/5/2000 3:25:45 PM
From: StockDung  Respond to of 460
 
HEY AFRAYEM, WHATS UP WITH SKUP?



To: afrayem onigwecher who wrote (294)11/9/2000 4:22:54 PM
From: StockDung  Read Replies (1) | Respond to of 460
 
WHATS UP WITH SKUP? Preference Technologies to Cut Half Its Staff to Reduce Costs
11/9/0 15:46 (New York)

Preference Technologies to Cut Half Its Staff to Reduce Costs

Las Vegas, Nov. 9 (Bloomberg) -- Preference Technologies
Inc., which sells software and other Internet products, said it
plans to cut 80 jobs, or more than half of its workforce, as part
of a plan to reduce costs.
The company, whose shares fell as much as 51 percent today,
made the announcement in a press release distributed by Business
Wire. Company officials didn't return phone calls seeking
confirmation.
Preference Technologies' Web site says it has a workforce of
about 150 people. Its statement didn't specify what kind of jobs
would be cut.
Shares of Las Vegas-based Preference Technologies fell 66
cents to 63 cents in late trading. They have fallen 92 percent
this year.

--Samantha Zee in the San Francisco newsroom (415) 743-3583, or at
szee@bloomberg.net/dfr



To: afrayem onigwecher who wrote (294)11/9/2000 4:31:56 PM
From: StockDung  Respond to of 460
 
Winehouse's Alleged Scheme

The complaint alleges that defendant Isaac Winehouse, doing business as Wall & Broad Equities, organized a "cartel" to purchase a percentage of the Nu-Tech convertible preferred in the names of nominees. He then allegedly arranged for a number of securities firms to become market makers in Nu-Tech common stock and proceeded to sell the common short, allegedly to drive the price of the common stock down.

The Dealings Among Nu-Tech, Winehouse and Plaintiff

Plaintiff Mordechai Gurary purchased 1,000 shares of Nu-Tech common on October 31, 1996 and another 5,500 shares on November 7, 1996 at $14.60 and $15.50 per share, respectively. In or about December 1996, the stock price began to decline. A concerned Gurary spoke to J. Marvin Feigenbaum, chairman of Nu-Tech. Feigenbaum told him that he had spoken to Winehouse and threatened that Nu-Tech would refuse to register the common stock into which the preferred was convertible unless Winehouse and his group stopped shorting the common. He predicted that this threat would convince Winehouse to stop shorting the stock because a refusal to register the common issued upon conversion would force Winehouse to cover his short position by purchasing Nu-Tech common in the open market, perhaps at higher prices. Gurary, evidently comforted, then purchased another 1,000 shares on December 24, 1996 at a price of $11.75 per share.

Gurary claims subsequently to have learned that Winehouse and his associates had continued to short the stock using nominee names, having arranged to "borrow" an unlimited number of shares for that purpose from market makers. On February 18, 1997, Gurary again spoke to Feigenbaum, who told him that he had met that day with Winehouse and others in another attempt to stop the short selling. Feigenbaum told Gurary that Nu-Tech had offered to repurchase the group's preferred shares at cost plus ten percent and to allow it to keep its existing profits from the short sales if the group would stop its activities but that Winehouse had refused. Feigenbaum, however, told Gurary that Nu-Tech would not give in to Winehouse and would refuse to register the short sellers' shares. Later that day, Gurary bought another 8,350 shares of Nu-Tech common at a price of $11.57.



To: afrayem onigwecher who wrote (294)11/9/2000 4:46:05 PM
From: StockDung  Respond to of 460
 
Where have you been Afrayem?

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To: afrayem onigwecher who wrote (294)11/9/2000 4:47:22 PM
From: StockDung  Respond to of 460
 
Where have you been Afrayem?

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