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Non-Tech : Versatech (VITC) -- Ignore unavailable to you. Want to Upgrade?

To: Sid Turtlman who wrote (332)	5/6/1998 4:35:00 PM
From: jperry	Read Replies (3) \| Respond to of 435

Sid...Please excuse me for not responding in quicker fashion. I have been completely swamped. In fact, I am still extremely busy putting my ducks in a row, as I will be out of the country for a few weeks. However, I felt it my duty to respond to your post before I leave. Yet for lack of time, I'll forced to make it short and sweet. The deal on the mortgage, from what I understand, was just another way for Hagen to make some money for the company. It was a very exclusive estate in CT valued at around 2 Million. At the very least the property would have gone in a foreclosure auction for around 1.2 to 1.5 Million. Hagen gets the opportunity to assume the $700,000 dollar mortgage and thinks it would be a way to make 400k to 500k for DHMG. As time goes on, legal council feels there could be some issues that might tie up the estate, thus tying up Hagen's capital. Hagen weights the opportunity costs involved with tying up the capital and concludes that DHMG is already a diversified company and dosen't want to run the risk of this turning into a long term affair. So, he sells out and makes the company $75,000.00 profit. As for valuation of Frama stock, I went over it last posting. It was a PPM valued at $1 a share. Anyway, I will be a way for a few weeks so I won't be able to continue posting. Should you have more concerns, call the company. Hagen already posted to this thread leaving an open invite to contact him. How many CEO's would do that? You are the one looking bad if you don't take him up on it... Ball is in your court. Upon my return, I would like nothing more than to hear a report on a conversation between you and Hagen. I am happy with the explanations I've received and I think all other investors would be too. I am holding my DHMG as well as adding to my position. I advise all others to do the same... Sid: Don't worry I will bring you back a t-shirt. Jperry