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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 (1408)	4/22/1998 4:26:00 PM
From: michael c. dodge	Read Replies (1) \| Respond to of 3247

I have read the S-8, and have in a call to the co. on a couple of minor points. Got to go to the airport in a couple of hours. I think they needed to file the S-8 before the shareholders vote, which is tomorrow. Just slow lawyers, probably. There is a prohibition on repricing of options, without affirmative vote of a majority of shares represented and voting at a (the ) meeting.....which may be held within 12 months after the repricing. Jeff B. told me earlier they put this in to meet requirements of a fund-sponsored option-plan watchdog group. The plans were adopted (not "adapted", as typoed in paragraph 11 on page 4) by the board of directors on January 29, and I think just need to be filed before the shareholders meeting tomorrow. Now, in addition to display consultants, I have an SEC lawyer on a "per call" retainer basis. I hope my kids appreciate what I am doing for them. <G>

To: Noblesse Oblige who wrote (1408)	4/22/1998 4:32:00 PM
From: voyager.ed	Read Replies (1) \| Respond to of 3247

Noblesse, I have done business with that law firm and they ar held in very high regard. Probably one of the top 3 firms in the Valley - very large and expensive. I would imagine that Jeff and Michelle either worked together in law at some time or had associations through law firms. The practice of environmental law is very specific and I would imagine that this notice was probably an ethical or legal requirement by the law firm representing TFS. In fact, I feel good that TFS is associated with OCAK&B. They have lots of clout! regards, Ed

To: Noblesse Oblige who wrote (1408)	4/24/1998 12:17:00 AM
From: Noblesse Oblige	Read Replies (1) \| Respond to of 3247

To the "thread," "Peace in our time?" Well, maybe. Three Five announced today that David Buchanan is surrendering day-to-day operational control to Vince Hren, his current second in command. Mr. Buchanan announced at the annual meeting that the transfer of power is scheduled to take place some time in the next couple of months. The benefits of the move should be obvious to all. Buchanan, an entrepreneurial type with a strong engineering background, has kicked himself upstairs to deal with overall strategic initiatives, something that he enjoys and has done well at in the past. The position and increased focus on the things of interest to him fits his skill set to a "T". Mr. Hren, on the other hand, though never before head of a public company, is very thoughtful, somewhat low-key, experienced in the day-to-day operational issues at TFS, and based on his commentary today...deeply concerned about the economic returns to the company's shareholders. Absent specific knowledge to the contrary, it is my guess that he will run the company with the concepts of "teamwork" and "cooperation" more pronounced than what was formerly the case. In a larger sense, this change from an entrepreneurial to a professional "manager" is the norm as high tech companies mature. It was inevitable, of course, because none of us are permanent. But, I consider the current timing to be significant. It should be noted that Mr. Hren's shareholdings are relatively small compared to those of Mr. Buchanan, and though he makes a decent salary, his opportunity to "make it big" can only come from his successful utilization of the company's stock option plan. In this way, his interests are closely aligned with the rest of the shareholders, and I for one wish him good fortune. As for the rest of the meeting, it was far from the "shootout at the OK corral." Following the prepared remarks...which contained nothing too surprising other than Mr. Buchanan's retirement announcement and a very courteous acceptance of the reins by Hren...we moved to tour the plant and note a booth that was set up to show most of the product offerings in which TFS has contributed technology. Regular readers of the "thread" are probably aware of most of what we saw there, but there was one very significant thing that we noted for the first time: A working model of Siliscape's optics, attached to a cellphone with a full page of computer graphics visible in the "lens." As best as I can remember, the image was VGA (800 * 600 pixels), and it was extremely clear. Moreover, the Siliscape technology allows for very limited (if any) electrical use (thus making it a natural for cellphones, which run on battery power), and was extremely "light" to the touch. I was very impressed, and am looking forward to the industry show during May in order to gauge professional interest in the technology. It was clear listening to the technologist who was explaining the Siliscape product that many communications device companies are already interested in utilizing the output of the Siliscape/TFS business arrangement. Anyway, for the foreseeable future, I expect that the "thread" will have more light and less heat. The new guy on the block needs to get his feet wet with Wall Street, and because he has limited experience with that aspect of his job, it is certainly my intention to cut him more than a little slack while he does his "on the job training." Good luck, Mr. Hren. The interests of all the "thread" participants are totally in alignment with your own. If you find that you desire a working relationship with Wall Street savvy professionals, you could do far worse than call on a few of the people that frequent this location. With the size of TFS holdings here, at least you know you will get "advice" from people that are more concerned with the company's financial success than the fees they are earning from their association with it. . Have a good evening everyone. PS: And, yes, I did buy more stock today. As did at least a couple of the other attendees. And, the work that went into the meeting's presentation was obvious. Kudos to the professionals responsible for getting the job done right.