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Non-Tech : Bill Wexler's Dog Pound -- Ignore unavailable to you. Want to Upgrade?

To: Brad Davies who wrote (7688)	1/2/2001 12:40:34 PM
From: Robert Cohen	Read Replies (1) \| Respond to of 10293

Brad, The IDB funds are in fact grants and are predicated upon Valence maintaining certain levels of employment and on certain sales milestones. These numbers are well documented in the SEC filings. Carl Berg is one of the founders of the company and has been on the BOD for 10 years. He is I believe one of richest men in America having made most of his money in Silicon Valley real estate. He owns 4.5 million shares of VLNC. It is my understanding that the $12.5 million is a straight loan. I do not know the terms. He has said many times that he will not let Valence fail because of lack of funds. As you know institutions now hold over 30% of the float and the shorts have shorted in excess of 8 millon shares. One will be right and the othrer wrong. My money is on the longs. Robert