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Microcap & Penny Stocks : WCAP - Winfield Capital: Insider buying -- Ignore unavailable to you. Want to Upgrade?

To: Tom Hua who wrote (902)	4/21/1999 5:39:00 PM
From: michel petit	Read Replies (1) \| Respond to of 1305

What is the real value of WCAP?

To: Tom Hua who wrote (902)	4/21/1999 6:40:00 PM
From: Top Jim	Read Replies (1) \| Respond to of 1305

Tom, You're making shit up. Do some DD for a change. This took me 5 seconds to get. From the 6/30/98 10Q: There was an increase in unrealized appreciation of investments of $10,288,332 for the three months ended June 30, 1998 compared to a decrease in unrealized appreciation of $27,830 for the same period ended June 30, 1997, principally related to the market price of one investment in a portfolio company which recently made its initial public offering. sec.yahoo.com From the 9/30/98 10Q: There was a decrease in unrealized appreciation of investments of $2,353,809 for the three months ended September 30, 1998 compared to a decrease in unrealized appreciation of $359,256 for the same period ended September 30, 1997, principally related to the market price of one investment in a portfolio company which recently had its initial public offering sec.yahoo.com (Refer to your post: "Same reason unrealized gain in COOL was not reported for the quarter ended 9/30/98 (COOL ipoed in July).") COOL went public on 7/31/98. (http://yahoo.marketguide.com/mgi/highlights/A1C03.html) Based on the reporting timeframes, it appears WCAP booked earnings on COOL based on filing alone. Better watch out for WGAT, MPTH, and JWEB making it into current quarter numbers. As for your statement "The company records unrealized gain/loss on an equity investment only if the stock has traded the entire quarter." This is another glaring inaccuracy. COOL hadn't even traded publicly in the first report. In the second, it had traded only 2 months. ROWE gains will almost certainly be reported. As for changing valuation %, as I posted earlier from their 10K, WCAP's board decides how much to discount. The 6/30/98 report values COOL at $9 vs. offering price of $18 (50% discount). The 9/30/98 report values COOL at $7.25 vs. closing price of 10.25 (30% discount). As discussed, the 12/31 discount was 33%. It would appear the board changes the discount rate quarterly. The discount is based partly on lockup and since that's lifted there's no reason to assume the board won't decrease the discount. Analysts got a huge surprise from CMGI last quarter when they changed discount rates on some holdings. WCAP is no different in this regard. Tom you are obviously a short basher, disseminating misinformation for your personal gain. I hope others are not making trading decisions based on your posts. I'm going to go back to my numbers to investigate what the impact will be if WCAP follows their history of reporting gains based on S1 filings, not IPOs. With MPTH, JWEB, and WGAT all filing last quarter, shorts could be in for a huge surprise. Next time you post something as factual, at least have some basis for it. Investors may not appreciate your inaccuracies and you may be the one raising eyebrows with the SEC. TJ