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Technology Stocks : VALENCE TECHNOLOGY (VLNC) -- Ignore unavailable to you. Want to Upgrade?

To: Zeev Hed who wrote (9209)	3/13/1999 11:14:00 AM
From: Larry Brubaker	Read Replies (1) \| Respond to of 27311

Zeev, now how could you have done great damage to Integral Capital by referring to the holders of HEC's floorless as "bandits" when Integral Capital was not even identified as a holder of HEC's floorless in the SEC filings? It sounds to me like its a case of if the shoe fits...

To: Zeev Hed who wrote (9209)	3/13/1999 12:40:00 PM
From: lws	Read Replies (2) \| Respond to of 27311

Hi, Zeev, Your "floorless bandits" description, while no doubt possibly annoying to some, is humorously appropriate in the way it calls attention to the seamy underside of this lowest rung on the capital market ladder. Economists are pleased (at least in principle) by such flexibility within the capital market that it can accommodate even the most risky of ventures such as Valence. Your phrase points out -- and thereby warns -- that the supplier-of-capital's need for protection and high returns against the capital-user's typical desperation (and the relatively small size of the transactions) makes the transaction particularly one-sided and vulnerable to exploitation. The benefits to society in the caution evoked by the phrase clearly outweigh its comic harm to the industry. I can see, though, that the poor SEC must have its investigative hands full these days. What with so many things everywhere to check into... Regards, lws