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Non-Tech : Bill Wexler's Dog Pound -- Ignore unavailable to you. Want to Upgrade?

To: golden_tee who wrote (511)	3/31/1999 12:56:00 AM
From: Kevin Podsiadlik	Respond to of 10293

You are nitpicking the details, to the neglect of the original point. Back in #reply-8596404 you characterized VLNC's financing deal as having "highly favorable terms". Shortly afterwards it was discovered that the terms of the deal could well have made it into the deadly floorless convertible, and may yet do so at a future date, under circumstances which the company has no direct control over. If this is your idea of "highly favorable terms", I would hope never to see unfavorable ones! Your welcome here is wearing quite thin at this point.

To: golden_tee who wrote (511)	3/31/1999 1:09:00 AM
From: Larry Brubaker	Read Replies (1) \| Respond to of 10293

<<Incidentally, Larry was also convinced that CC would death spiral VLNC after the first phase of financing, and pissed his pants (he likes to do that) when they moved the dates to July, and advanced to the second stage.>> First, I never predicted that Castle Creek would death spiral Valence. I merely pointed out it was a possibility. Second, here was how I "pissed my pants" on the day Castle Creek removed its floorless provisions on the first tranche. Message 6824537 Finally, from all your comments relating to my urinary functions, I'm starting to worry that you are developing some sort of abnormal fixation. Hope you get some help for your problem.

To: golden_tee who wrote (511)	3/31/1999 7:34:00 AM
From: Zeev Hed	Respond to of 10293

Robert, any convertible security which conversion rate is not absolutely fixed is junk equity. Period. In the case of VLNC, the time bomb might not even be July 27th, CC has a clear clause allowing them conversion at much better rates if any subsequent financing convert at rates lower than $6/share. That include future convertible instruments with their attached warrants. Very shortly, VLNC must go to the well for more money and if the next round of financing is more beneficial to the money bag man than CC, CC gets the same terms. Do yourself a favor and look at the recent financing MVIS did, I do not know enough about the company to decide if it is a good or bad investment, but if you just compared the two financing which company would you invest in? Zeev