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Technology Stocks : General Magic -- Ignore unavailable to you. Want to Upgrade?

To: Kurthend who wrote (9596)	5/25/2001 10:22:07 PM
From: Seconds Out	Read Replies (1) \| Respond to of 10081

Kurt, et al, I wonder if all of those 100,000 share trades this week were Revere cashing out a percentage of their recent booty. It would explain the unusual nature of those huge blocks going on in the midst of "normal" trading. Maybe some of you guys with more in-depth understanding of the mechanics can add some knowledge. If so, not a bad return for a month's work. Anyway, as upset as I was as to the elongated time frame of the Revere deal, I am equally pleased Revere decided to pony up now. It has to be figured as a positive step, imho, compared to having them hanging out there for the next eight weeks. As Jaybo continually reminds me, Layton has promised new customers by the end of this quarter, some IBM news will flow (though I am not banking on a major breakthrough), and VA gets closer and closer. And with the Shareholders Meeting June 14, I imagine we will be shown some more progress before that date. The big negative, as Kurt states, is the need for cash. At what cost? How quickly can VA start driving revenues to minimize the need? GMGC stated $15-20 million will need to be raised in the second half. Let's hope they can get the stock price to a decent number prior to that need. Also, lets hope they can to attract an equity investment from a partner, or that maybe GM will exercise their warrants and buy more shares. Though it will be at a $1 and change, it would alleviate 1/3 to 1/2 of the cash need if my memory serves me correctly. For some reason, though I have been pretty down on the state of things with GMGC for the past few months, I sense things will be getting interesting again over the next few months. I don't have anything concrete to back it up, but Revere buying all of their entitlement is a nice first step toward a changing psychology. Anyway, I hope everyone here enjoys the holiday weekend. Same for "heisnotspock" and the RB good guys. Seconds Out.

To: Kurthend who wrote (9596)	5/29/2001 10:38:47 AM
From: Souze	Read Replies (1) \| Respond to of 10081

From a General Magic 8-K SEC filing last Friday: ITEM 5. OTHER EVENTS. As previously disclosed in General Magic, Inc.'s (the "Company's") Current Report on Form 8-K, filed with the Securities and Exchange Commission on April 3, 2001, the Company entered into a common stock purchase agreement with Paul Revere Capital Partners, Ltd. ("Paul Revere") on March 30, 2001 (the "Common Stock Purchase Agreement"), pursuant to which Paul Revere agreed to purchase an aggregate of $2,000,000 of the Company's common stock, par value $.001 per share ("Common Stock") during the 60 business day pricing period spanning from April 12, 2001 to the sixtieth trading day thereafter, in one or more installments. Pursuant to this arrangement, the Company issued and sold to Paul Revere an aggregate of 2,032,415 shares of Common Stock for an aggregate purchase price of $2,000,000 between April 12, 2001 and May 4, 2001. The Company paid the investment banking firm of Ladenburg Thalmann & Co., Inc. $60,000 in connection with this financing arrangement as a 3% placement agent fee for arranging the transaction. The Company also agreed to indemnify the placement agent against liabilities, including liabilities under the Securities Act of 1933. At the completion of this financing, there remained 1,301,723 shares of Common Stock registered for sale by the Company under the Company's preexisting "shelf" registration statement (Registration Statement No. 333-79857). On May 7, 2001, the Company entered into a common stock purchase agreement with Paul Revere (the "Additional Common Stock Purchase Agreement") whereby Paul Revere agreed to purchase the remaining 1,301,723 shares of the Company's Common Stock available for sale under the Company's shelf registration statement for an aggregate purchase price of $1,301,723, less a 3% placement agent fee of $39,052 to Ladenburg Thalmann & Co., Inc. for arranging this transaction. The Company and Paul Revere closed the transactions contemplated by the Additional Stock Purchase Agreement on May 24, 2001. A copy of the Additional Common Stock Purchase Agreement is attached hereto as Exhibit 1.1. The foregoing description is qualified in its entirety by the Additional Common Stock Purchase Agreement, a copy of which is attached as Exhibit 1.1 to this Current Report on Form 8-K and incorporated by reference into this Item 5.