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Pastimes : From A to Zeev" -- SI Sacks Zeev -- Ignore unavailable to you. Want to Upgrade?

To: Zeev Hed who wrote (538)	11/11/1998 3:11:00 PM
From: Larry Brubaker	Read Replies (1) \| Respond to of 708

Zeev: Was quite unimpressed with VLNC's CC so had to settle for gold only. They are now bumping up against a floorless variable conversion of preferred shares. If they have no purchase orders by 1/27/99, the recent private placement of $7.5 million of preferred shares can be converted at a floorless variable rate. I heard nothing in the CC to convince me they will meet that deadline. Still monkeying around with their assembly lines, and won't say whether they have provided production samples to OEM's. Growing working capital deficit. Looks like the next big move for VLNC could be down.