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Strategies & Market Trends : Roger's 1998 Short Picks -- Ignore unavailable to you. Want to Upgrade?

To: put2rich who wrote (13115)	9/14/1998 6:19:00 PM
From: RockyBalboa	Respond to of 18691

thanh, a late explanation on MRVT, I don't know whether you read it: biz.yahoo.com >>>>>>>> "..... The following is the text of a letter sent last week by Ilan Reich, Executive Vice President and a director of the Company, to Mr. McGhan: August 27, 1998 Mr. Donald K. McGhan 3800 Howard Hughes Parkway Suite 1800 Las Vegas, Nevada 89109 Dear Don: ..... I cannot help but be aware of the substantial volume, and even more substantial price decline, in Miravant Medical Technologies [Nasdaq:MRVT - news], another company in which you own a significant stake. Rumors circulating on the Internet attribute that unfortunate activity to a margin call which you were unable to meet from personal financial resources. It appears that as a result of a sell-off conducted by your margin lenders, within the past week the Miravant stockholders have suffered a greater than 50% decline in the market value of their company. ... At the time we negotiated the letter agreement (on July 8, 1998), I specifically recall our conversation in which you realized that the standstill and transfer restrictions would inhibit your ability to pledge your stock for margin purposes. That statement simply confirmed the Company's right to enforce the standstill and transfer restrictions, and the letter agreement itself notes that INAMED "will be entitled to place an 'appropriate' legend on your share certificates..." With the ink barely dry on the July 8 letter agreement, you are now asking the Board of Directors to modify a significant provision in order to accommodate your personal financial situation. ......." <<<<<< Life's cruel, sometimes. Christian