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Biotech / Medical : Techniclone (TCLN) -- Ignore unavailable to you. Want to Upgrade?

To: Maurice Winn who wrote (2559)	9/21/1998 12:34:00 AM
From: Alys Hall	Respond to of 3702

Maurice...Thank you for taking the time to respond to my post. I know that you are expressing your opinion and I do respect that. However, investing in a stock like TCLN, when you will need to use the funds within a short period of time, is not wise. This company could take years before it has anything substantial to sell. To margin something like this even at $5 is foolhardy as we proved the last time around. Stock went from being a stock which could be margined at $6 to, as you know, something less than 50 cents. God bless those on margin. Why would you want to see that happen again? It is unfortunate that the only thing the company has to sell is its stock..and that they sell cheaply and distribute among the board and employees equally as low.We,stockholders, of course, have not had the same privilege except after the S-3 debacle..for those of us with strong stomachs to buy at those levels. The Company has had to use dilution as its only means of raising money. So, if you allow the management team and Board the privilege of doing it again, why wouldn't they? And, it will be much more probable since they will have a $5 stock, which could be margined, to dilute again. This will create even less value for those of us still here after all these years. What will those on margin do when they get their calls again? What does anyone stand to gain..a temporary loan at 7% while the value of the stock falls away in round after round of future dilutions? No..that is not wise.This would result in additional new rounds of margin calls and more forced selling. It would be better to sell the stock if you need your capital that badly. This stock is a bad bet for margin until the Company has something to bring to the table which is marketable. Let them prove that they can manage the company first..that is still an unknown and while this team certainly seems to be more on track,they certainly are out of tune with their stockholders. They have a finite amount of time to turn this thing around...let them get to work and stop worrying about their own payout and produce a return that will also benefit their shareholders.I am opposed at this point to any reverse split which can result in being at the same outstanding share level 3 years from now....with the cost 10 x higher. Now, Maurice, this is truly a difference of opinion. I hope that you will not take it as a personal affront. It is not meant to be so. There are many of us who hear your voice and your words, but we do not want a reverse split. Is that difference of opinion something that you can appreciate?