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Biotech / Medical : ACMI - Accumed Inc. -- Ignore unavailable to you. Want to Upgrade?

To: Frank Buck who wrote (1537)	3/13/1998 10:49:00 PM
From: Sigmund	Respond to of 1894

You may recall that I thought volume would pick up towards the end of this week even if there were no announcements. But I thought that in the absence of an announcement the price would decline. The price neither declined nor went up. Yes the volume is strange but the volume without price movement is even stranger. But the trading in this stock is frequently strange. Remember when the price crashed after G's departure and then hit $1.25 and just stayed there? That market maker (or market makers) did not turn out to have made a wise decision to absorb all of that stock. So I wouldn't conclude that buyers or sellers now know what they are doing. They may and they might not. As a for instance some may know that an announcement is imminent but not know what is in the announcement. If they know what is in the announcement, they may not know what is already decided and planned to be announced next week or next month. Perhaps you have an inkling to move one way or the other and I have nothing to add to whatever your hunch is. Personally I am waiting. I have a small position and will add to it in a small way if the price declines. I am not inclined to invest many dollars with this company at this point since I consider it a trading situation rather than an investment at this point. When they decide to come clean to the small investor then I can evaluate it as an investment. For now it is like going to Atlantic City without having to get my teeth all gummed up with taffy. This could be expensive entertainment so I plan to stick to a strict budget: $4 for bus fare, $6 for food, and $10 for the nickel slots. They may throw in a haircut for free but I would like to avoid that if I can. They have offered other perks as well but unfortunately Def 1 when I only want Def 2. I imagine that real soon, some will win and some will lose so hopefully we can get lucky. On a substantive note, after reading the quarterly and 10K, I conclude that this situation may just be too complicated for them to resolve anytime soon. All of the assets seem to be pledged to all of the lenders perhaps multiple times. How will they get everyone's agreement to do anything? I predict they ask for an extension from NASDAQ. Will they get it? As an example, how can they sell their non-strategic products when the assets supporting this part of the business are pledged to various lenders? How can they bring in more equity when there are so many options, warrants, conversion rights etc which would be impacted? Who knows what all of the promises are and restrictions on what this company can do? How about the existing marketing agreements? Can they be terminated unilaterally? Some of these I believe are parsed by geography so you can't just sell the product to the sole distributor. I haven't gone into this in any depth so what I have said above should be considered as illustrative only not a well reasoned analysis but you get the picture re the problem that I foresee. But then again it might already be neatly worked out. We shall see.