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Technology Stocks : THREE FIVE SYSTEM (TFS) - up from here? -- Ignore unavailable to you. Want to Upgrade?

To: Noblesse Oblige who wrote (1200)	4/2/1998 12:42:00 AM
From: Doug Meetmer	Read Replies (1) \| Respond to of 3247

I must complement everyone on this thread. I firmly believe this is the best thread on SI, with outstanding contributions from many participants. While I don't hold many shares, I hold them in three different brokerage accounts and thus am thrice reminded of my pain on a monthly basis. I wholeheartedly agree with N.O. on every point and will vote my shares accordingly. I cringe when I look at the return of the S and P over the last five years, knowing that TFS didn't participate in the rally. I am frankly disgusted with the overly optimistic way the annual reports are written and I am sickened every time Buchanan talks about what an exciting time it is for management, and how they are as enthusiastic as ever about the Three-Five's bright future. This is nonsense. I want the numbers to do the talking. No excuses, no delays, just some good numbers. I realize that the company is still turning around, but give me a break, the share price was high 20's last fall and now we are struggling to hold 19. We should be at $40 by now based upon future growth rate and projected EPS. Short and simple, the stock is discounted because the street just doesn't believe in managements ability to deliver, and frankly neither do I. This company should be bending over backwards to invite analysts for discussion, and should be courting the street. I was shocked that Buchanan actually mentioned Motorola in his letter to the shareholders, as opposed to the secretive "major customer." Just what sort of disclosure is and isn't appropriate anyway? Thank goodness they let us in on "the secret" that Motorola is responsible for most of their sales. The bottom line is that information should be readily available if not flowing from management, and shareholders shouldn't feel as though we are unwanted nuisances who get in the way of this "family style " business. Isn't that a great choice of words to describe the way this company is run? "family style" Doug

To: Noblesse Oblige who wrote (1200)	4/2/1998 5:36:00 AM
From: michael c. dodge	Read Replies (1) \| Respond to of 3247

Well, good points. Usually, if the officer or employee leaves, quits, retires, etc., there is a limited period of time (usually 90 days) in which to exercise or lose the options. Assuming David Buchanan remains as chairman after "retirement" from active work, his options may continue. Well crafted (for the company) incentive options will require active daily (full time) work for the company. No work---no incentive and no options. I don't know how TFS is set up, and I hope I have not alerted them to a flaw in their option plan. I think the 50,000 share reload for Buchanan is inappropriate. It is a reflection of personal hubris. Particularly, the stretchout to ten years. He may be dead by then, and his estate would have a period in which to exercise. I am slowly getting pissed, but not yet enough to dig out the Qualified Employee Incentive Stock Option Plan. You just keep stirring that pot, N.O., and see what comes to the top.