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

To: N. Saliba who wrote (2272)	8/21/1998 1:21:00 PM
From: Noblesse Oblige	Respond to of 3247

Hi N. Saliba.... Just as a point of reference, I am not "unloading." Sales at this price border on the stupid in my view. Whatever one thinks of senior management...and it isn't a secret that I have not been a fan for some time...companies have value based on their underlying fundamentals. I believe the selling here is forced. When it is finally absorbed, the shares will have a bounce, particularly when one recognizes that there is a reasonable level of earnings power in existing business relationships and new technologies. Moreover, the current market cap may well make the company a "target" for corporations that desire to have LCD manufacturing capacity. I won't sell any here. On the other hand, I have totally lost confidence in management's ability to "manage" the business, and my feeling on this is compounded by my view that despite their occasional "accidents", there has been no noticeable improvement in communications aside from the last two conference calls. Both of those calls showed they were making an effort, and I particularly thought that Vince Hren did a good job in highlighting the roadmap to the future five weeks ago. Unfortunately, as well as he did in the prepared portion, he obviously flubbed my question regarding revenues, which can be chalked up to "oversight", "surprise", "wishin' and hoping", or the company was blindsided. From where I sit, I don't know what is "better" or "worse." However, I obviously feel that they could have made more of an effort to communicate this latest announcement on a conference call, allowing holders to all ask relevant questions simultaneously. Their repeated goal is to make disclosure to everyone on a timely basis, and that is a laudable desire. However, not everyone asks the same questions, not everyone has the same sophistication, and not everyone is willing to call the company for a direct discussion. The corporation is owned by all the holders, and it is obvious that all the owners are entitled to hear the explanation of these problems with the opportunity to quiz management "together." It is another unfortunate slipped opportunity. One in a series of such events. Take care. The worst is over. The stock will bounce. How long it will take to recreate credibility is an open question, assuming you believe that current management can ever do it (which I personally doubt). In the fullness of time, we will know. But, at some point, this is a train that I want to exit. Just not today.