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Technology Stocks : InfoSpace (INSP): Where GNET went! -- Ignore unavailable to you. Want to Upgrade?

To: KeepItSimple who wrote (25995)	6/12/2001 6:27:01 PM
From: Roger Sherman	Respond to of 28311

Steve Franks of CNBC covered most of the bases... Except he got Jain's "insider selling" off by about a factor or two, as I believe Jain pumped & dumped (words used by Steve Franks during the interview) closer to $400 million in his shares (not just $200 million), at least by my reading of the published records. And geesh, we keep hearing from the "humbled" CEO that most of the problems in the stock's price tanking up to 99% the last 15 months, since reaching it's high of $138 1/2 (on March 3, 2000), is primarily the fault of the GNET "merger," which didn't even happen until October 12, 2000. I wonder how many people actually believe that crap for a single moment. The fact is that approx. 80% of the INSP revenues for the last quarter of 2000 DID NOT even come from their innumerable much-flaunted "wireless" partnerships. Oh, and apparently the following $2 billion shareholder lawsuit filed a couple of months ago (April 2001), against Jain, his wife as well as former (and existing) INSP officers and directors (and misc. spouses) has either been settled, thrown out...or doesn't count in Jain's mind, because it is only a "shareholder derivative lawsuit" filed on behalf of shareholders, and not against the company itself...but theoretically FOR the company. To me, IMHO it may be just another case of..."It all depends on what the definition of what IS is." Steve Franks seemed absolutely incredulous when he twice repeated the question to Jain, "There's absolutely NO shareholder lawsuit"...and Jain twice responded with something like, "Absolutely NOT." Press Release re: lawsuit (4/3/01): siliconinvestor.com Seattle Times Article re: lawsuit (4/4/01): archives.seattletimes.nwsource.com