To: Suzanne Newsome who wrote (28684 ) 5/21/1999 8:49:00 PM From: ztect Read Replies (1) | Respond to of 44908
Suzanne...... I've been in a lot of meetings the past two days, so I didn't get a chance to call Mr. Stone. Besides, after Sword posted the number, along with my inability to contact him soon after Sword's post, I imagined Mr. Stone would be inundated with calls, and thus I didn't wish to be a nuisance. Now in your conversation with Mr. Stone, if I'm not mistaken, the issue as to whether the April to May "delay" was even an "issue" can't be ascertained, thus, consequently a negative or positive spin really can't or shouldn't be spun on this "issue". Is this a correct interpretation? If I were to find anything negative in your account, I'd have to be a bit concerned about your wording that LifeTime "...didn't hear from TSIG..." If there was a funding issue or another reason for delay (possibly something else that was a more "timely" priority), TSIG should have made a concerted effort to communicate with its "partner" to at least let them know what was happening... Then again, this kind of crtiqueing is easier from the outside looking in. Anyway, on a completely different issue...and what I considered to be "good news" from the 10q, that no one else hitherto has seem to mention is the resolution of outstanding litigation including that due to the dissoltuion of VSI.. From the 10q... ==================================== ITEM 1. Legal Proceedings: 1. On February 9, 1998, Robert P. Gordon, individually, filed a lawsuit against Felcrest Trading Ltd. ("Felcrest") in Circuit Court for Pinellas County, Florida in connection with a private loan made by Felcrest to Gordon. On October 23, 1998, Felcrest filed a third party complaint against the Company, VSI, and current and former officers and directors of the company and VSI and other third parties (collectively the "Third Party Defendants") asserting claims for unspecified damages against the Third Party Defendants. All parties have executed a Stipulation of Dismissal based on a settlement agreement that is subject to court approval. 2. On March 5, 1999, the Company's wholly owned subsidiary, VSI, filed a voluntary petition for relief under Chapter 7 of the United States Bankruptcy Code for the Middle District of Florida, Tampa Division. VSI was a party to several previously reported material litigation proceedings, all of which have been automatically stayed as a result of the bankruptcy filing. =================== Getting rid of these legal items should help clean up the filings. Would be interesting to find out if the terms of settlement were favorable to Gordon..... Anyway.... Thanks for the report of your conversation with Mr. Stone. z