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Technology Stocks : WAVX Anyone? -- Ignore unavailable to you. Want to Upgrade?

To: snackman who wrote (3551)	8/5/1998 8:55:00 PM
From: Pure Folder	Read Replies (1) \| Respond to of 11417

Snackman: Thou clarifies, confuses, and intrigues, my good man. Clarifies: Yes, in listing Steven's holdings from the Form 10-K (in my post 3535 earlier today) I should have pointed out that Steven's 152,195 shr. Common A and 190,659 Common B include 145,195 "shares" which he could acquire by exercising all his options as of 2/28/98. If the options all relate to Common A, then he has 7,000 Common A and 190,659 Common B. Collins was essentially accurate in stating Steven "has no shares" if we don't count the 7,000 or any of the non-tradable Common B. All the options are likely in the money, and the exercise price(s) are likely quite modest, so he essentially is in position to own at least 342,854 shares plus rights under options not exercisable before March 1, 1998. Confuses: When Collins says Steven "does not have any shares" that does NOT mean he has sold them all. He has not sold anything to my knowledge, and Eric was mistaken earlier today in confusing Peter for Steven. Confuses: I don't think Peter sells Common B and then buys Common A. He can convert Common B to Common A and sell the A, or he can exercise options for Common A, paying the exercise price to the company (viz. buying Common A) then selling the Common A on the market. SEC filings show he has sold 75,000 shares on the market for almost $250,000. That's gone into his pocket. I have seen nothing suggesting he has paid any capital back into the corporation. He may well have if he exercised options. Either way, it does not matter; it is insignificant insider selling everything considered. (Bob Hainsworth may have seen something on this when he referred to the exercise of Peter's options; I haven't seen it and the press release Eric mentioned doesn't say anything.) Intrigues: Did Collins say a "proxy" or "prospectus" was being prepared? A proxy suggests we will soon be asked to vote on certain shareholder resolutions, which could well include executive compensation packages with stock options. A prospectus--which invariably would require itemizing all options issued by the company--would suggest a secondary offering. Snackman, are you and I going to form a Southern California shareholders' coalition in advance of the West Coast gathering in Las Vegas? Of course, Las Vegas will be open to our more cultured colleagues on the East Coast, Midwest, and the South as well as the rest of the world (but who claim they can't afford the trip at today's share price)? Pure Folder