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Technology Stocks : DOCS - A TURNAROUND PLAY -- Ignore unavailable to you. Want to Upgrade?

To: Ally who wrote (1111)	5/11/1999 11:55:00 AM
From: micromike	Respond to of 1156

PC Docs fights for respect as takeover circle tightens canoe.ca Only one of PC Docs' suitors, for instance, believes the company is more valuable with Mr. Osten than without him.Hummingbird said it would make Mr. Osten vice-chairman of a separate division. If Open Text acquires PC Docs, Mr. Osten and, possibly, PC Docs chairman Ben Swirsky, could be out. Even upstart Solution 6 Holdings Ltd. of Sydney,Australia, in its surprising and unsuccessful bid earlier this year, said shareholders had expressed dissatisfaction with PC Docs' executive suite in general, and Mr. Osten in particular. Chris Taylor, Solution 6's chief executive, said Mr. Osten would be removed as CEO. Mr. Osten says Solution 6 was spurned because of well-placed misgivings over its balance sheet and business plan. Some shareholders, analysts, and even some Open Text officials have said that Mr. Osten has added costs to the PC Docs operation, but little to the bottom line. Other critics say general and administrative expenses,including Mr. Osten's salary, are out of control. Well it looks like the majority say Osten is a bum just like I thought. It sure looks like Hummingbird is the only one that likes him. JMHO Mike

To: Ally who wrote (1111)	5/11/1999 3:33:00 PM
From: Sultan	Read Replies (1) \| Respond to of 1156

Saw that article. Mr. Osten, who is CA by profession, forgot to watch the bottom line. If admin expenses were kept in check and if DSO was kept to double digit, and if he had been a bit less amiable and more aggressive and finally had worked to make share holder richer before making 600K a year in salary + options, things would have been a bit different. All that cash that they had the foresight to raise when the stock was a lot higher ultimately got in the way because then it was easy to ignore a lot of operational things which should have been done differently. Unfortunately, when you invest in tech companies, you run into similar situations over and over.