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Strategies & Market Trends : Floorless Preferred Stock/Debenture -- Ignore unavailable to you. Want to Upgrade?

To: N. Dixon who wrote (140)	10/11/1998 8:01:00 PM
From: Roger A. Babb	Read Replies (1) \| Respond to of 1438

Dixon, I am sure you are in good company with your long position in REFR and good luck with it. This is the first situation I have seen where that R&D by other companies and proceeds from stock sales are thought to be earnings, very creative. I guess I am just too old fashioned (or maybe just too old) to consider value other than that created by selling products for a profit. Enough on the subject of REFR until there is news of some type.

To: N. Dixon who wrote (140)	10/12/1998 9:51:00 AM
From: Zeev Hed	Read Replies (2) \| Respond to of 1438

N. Dixon, what assurance do you have that Saint Gobin and others will not spend the next ten years "researching" this like they have Warshavski's (Polyvision) electrochromic technologies? Furthermoore, a number of other big hitters are coming up with PDLC technology (Doan's patents at Kent State) capable of exactly the same light valve technology but, supposedly at lower costs. Raychem and Rohm and Haas are two companies heavily involved in getting PDLC based active films into the market. Donelly is already manufacturing rear view mirrors based on electrochromic technology and the auto industry will take at least three years from proof of principle type of devices to actual production. I think that REFR's burn rate will cause them to rapidly access the leaky floorless and thus bring the price of the stock into a death spiral. Zeev