Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Technology Stocks : TRANSNET TRNT -- Ignore unavailable to you. Want to Upgrade?

To: Nicholas P. Sekas who wrote (201)	3/26/1998 10:45:00 PM
From: Bob Davis	Read Replies (1) \| Respond to of 225

Nick, I'm also angry and confused, and I don't have any more information than you do. Normally, as part of the due diligence process, each of the major clients of the company to be acquired is contacted by the acquiring company, just to check for problems of this type. I've done a number of such meetings... I don't think that the deal was particularly complicated (although I do think that I could have cut a better one). However, after the pension problems were uncovered during due diligence, GECC wanted to make sure that its bases were covered, so to speak, and they were able to negotiate additional terms. I also think that the deal sat in limbo for a long time, while TRNT got its act together, and employees and especially customers became fed up with the resulting uncertainty. I also think that a lot went on here that outsiders don't know about. Given the fact that both NASDAQ and the SEC have been less than cooperative with this company, I keep wondering where the "rotton egg" is. Or to put it another way...who pissed them off. I know personally that the company has been treating its shareholders in a rather cavalier manner; I still don't get answers to my phone calls, etc., and I wonder if they tried that type of stuff with the SEC or NASDAQ. In early February I had a lengthy telephone conversation with John Wilk, the Chairman of TransNet, which I wrote up and placed on the TNL web site. In that writeup I stated that "I have many years of dealing directly with both the SEC and with NASDAQ and have always found them to be reasonable and flexible, especially in situations of this nature." I will tell you now that I received a return call from John Wilk in which he indicated in very strong tones that he was not pleased with my comment. I will also tell you that I indicated to him that I regretted that he felt that way, but that I stood by the statement. If they tried to push the SEC around in the same fashion....well, I don't think that it would work out too well! Well anyway...I don't know where TRNT goes from here, but it should be interesting to watch, from a distance, of course. Bob Davis The Napeague Letter napeague.com