Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Pastimes : Thread Morons -- Ignore unavailable to you. Want to Upgrade?

To: Don Pueblo who wrote (4169)	9/2/1998 11:09:00 AM
From: Henry Volquardsen	Respond to of 12810

While we are on the subject of air travel, I just received a forwarded copy of a letter to the shareholders of Interactive Flight Technolgies (FLYT). This company has been developing a high end, high tech inflight entertainment system. They currently have "the only operating video on demand and interactive system flying". As recently as 2 1/2 years ago the company traded at over $16 and a market cap of $297,000,000. The shares are currently in the neighbourhood of 75 cents despite having over $2 in cash/share and a book value of @$2.40/share. The problem seems to be that based on their one actual installation with Swissair "it became apparent that revenues from passenger use of the system fell far short of any expectations. As a result the company faced the prospect of receiving no revenues from a contract for which we had already committed tens of millions of dollars." In addition their efforts to show the system to other airlines resulted in "many favorable comments" but no "serious expressions of interest". Meanwhile management was receiving high six figure incomes and lots of options. Ok now here is where the story really gets fun. Management came to the conclusion their future did not lie in continuing to flog this deceased Pegasus. After all Sony, Matsushita and Rockwell Collins were headed this way. So, as the letter informs the patient shareholders, they did "extensive research to determine how best to redeploy its capital, which consists primarily of cash and tax loss carry forward credits". The envelope please. The company has decided to acquire the assets of Johnny Valet, Inc., a retail dry cleaning plant in San Diego. This represents "an initial foray" into the "highly fragmented dry cleaning industry (which) is ripe for consolidation". An empire awaits. Please no cheap jokes about shareholders being taken to the cleaners. Now the truly amazing part. There is no SI thread for FLYT. I would have thought this little piece of financial fly paper would have been a natural for some of our more exuberant posters. How did the Raging Bull crowd miss this one?

To: Don Pueblo who wrote (4169)	9/2/1998 12:02:00 PM
From: Larry Voyles	Read Replies (1) \| Respond to of 12810

Those who don't know history are bound to repeat it. Just ask my 10th grade history teacher. I would like to see how many queries for "Anthony C. McAuliffe" just hit Yahoo. C'mon folks, be honest. Let's see a show of hands for how many people had to go look this one up.