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

To: I. N. Vester who wrote (9903)	3/26/1999 10:54:00 PM
From: Zeev Hed	Read Replies (1) \| Respond to of 27311

No Vester, by "baggage" I mean that the opportunity, if it materializes, will be spread over a greater amount of "invested capital" and of course the lack of cash on hand means that if they get to run, additional capital (if only for working capital) might be required that would have otherwise been provided on a narrower base of "capital invested". Of course, to new holders, this should be "water under the bridge" since they should be able to get in at what would be a current "fair valuation" assuming the market is indeed efficient. That is by the way where Altman relationship shines because it assumes the market is efficient and a high market valuation does cover for many of the past minuses in his relationship. If despite that, you end up under 1.8, Altman says that there are strong probabilities of future problems. Zeev