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Technology Stocks : Hide & Seek - The Copy Protection Solution -- Ignore unavailable to you. Want to Upgrade?

To: Greg Werner who wrote (617)	8/25/1998 9:38:00 PM
From: Chloe R	Read Replies (1) \| Respond to of 690

Sante, Greg, and IPO, Based on previous conversations with Paul, I felt that it was coming to this. I was just watching this past week to see how it panned out. The way he put it to me today was that the delay in putting together a suitable reverse merger arrangement killed it for them. The frustrating thing is that, on the one hand, they brought one of the most prestigious and reputable firms to the table, but on the other, it took them almost the whole offering period to do it. Many people, myself included, heard about this deal back in March or April, almost three months before the offering even commenced. So, by the time they came back to us with the piece everybody was looking for (the exit strategy), it was 5 or 6 months old. Paul said that resulted in people getting nervous and that a familiar response was "with or without the reverse merger candidate this offering should have been filled by now - somebody must know something I don't." Paul said plainly that nobody knows something that others don't - the deal is still very clean. But it is hard to convince people who saw it months ago as to why it is still available. Boy, that's the breaks -you get a great piece on one side but you loose the whole thing in the process. Paul mentioned that somebody will pick this thing up and run with it and that they will have a "cakewalk" now that Halter Financial is also involved. The new company will be able to present it as a fresh new deal (unless they stumble upon us here) :o). From what I understand HST had already been talking to some other people to assist them and have a company that is very interested in possibly providing them with financing very quickly. Paul would not elaborate and felt that it wasn't really his place to comment. I'm also not really sure about the future financial PR piece of the puzzle now that FMV is out of the picture. This is the part that I find uncomfortable. FMV has demonstrated their ability to "feed" us pretty good information on a consistent basis. This, of course, is their strength. But it now looks like the firm will actually crumble apart due to this. Paul has said many times that their heart and soul was put into HST to the detriment of building any other business. I just hope that HST manages to keep a good information flow. I'll have to now get to know somebody else I suppose - unless one of you guys wants to step up to the plate. I'm still very interested in investing but I'll probably won't be able to have anyone saving a place for me anymore. :o) We're going to have to see just what form it takes from this point on. Now that they are further along, I wouldn't be surprised if they try to raise the valuation on us despite the delay of the offering at the current valuation. I'm pretty upset at this turn of events but also agree that it's time to kick this thing in the butt and get it finished. I'm awaiting the new proposal... Clo