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new low in absurdity
Zen, are you seriously analogizing what MLK struggled for & accomplished w/what the Sprague family seeks?
never thought i'd read anything more bizarre written by you after reading the "it's okay to deceive shareholders in order to stay in business" theorem.
obviously i was wrong.
wow...
http://www.historychannel.com/speeches/archive/speech_167.html
HYTT accumulation & money flow:
3 month chart confirms multiple indicators that HYTT has been under accumulation over last few weeks. Money Flow turned positive on the 12/3 news of the $10M M&A LOC & has stayed positive ever since:
http://bigcharts.marketwatch.com/intchart/frames/frames.asp?symb=&time=&freq=
it bears repeating that Thomson's had gobs of buy interest last week (& zero sell messages over last month):
http://iw.thomsonfn.com/iwatch/cgi-bin/iw_ticker?t=HYTT&range=30&mgp=0&x=18&y=13&....
NITE has been consistently on the bid during this period. The last EQ report had NITE doing 23% of volume. It moved to 41% & then jumped to 51% (a >100% increase in NITE's recent volume).
i'm a pedestrian candlestick interpreter at best, but for the first time since i started following HYTT closely (Sept-Oct), the last four sessions have resulted in a "Very Bullish" rating:
http://www.stockta.com/cgi-bin/analysis.pl?symb=hytt&num1=27&cobrand=
HYTT is being accumulated & the presence of paid bashers is further indication of that fact.
is typoBET a felon?
considering the fact that typoBET assumes Hy-Tech will float more shares under a CD (despite numerous notable bases to the contrary & NLion's Reg D discussion which shredded the hypoBEThesis); assumes that Hy-Tech was "evicted" from stores it opted to voluntarily scuttle (despite no supportive evidence whatsoever); & assumes that CEO Nielson unlawfully SABed his 10M option shares (despite numerous S/H attestations of direct conversations w/the CEO to the contrary & a complete lack of any supportive evidence whatsoever).
using typoBET's rebuttable presumption approach, guess it's safe to conclude that typoBET must be a felon.
http://ragingbull.lycos.com/mboard/boards.cgi?board=HYTT&read=5138
why am i not surprised?
is it also safe to assume that "vancouverbabe0" (after bashing HYTT for months) is now very long HYTT?!?
PS greed -- what did you do to get bounced from Panetta's BOT board? things were surprisingly tense over there recently, despite them being on a collective tear the last few weeks.
Greed my guess is you played the recent gap, either @ the close on 12/3 or the 12/4 open...
Omnitrader has put out some really nice discussion on the subject of gap plays (you post on his breakout thread, yes?) & here's a good site for strategies (recently posted by another "breakout" participant:
http://stockcharts.com/education/TradingStrategies/gapStrategies1.html
a lot of people make the mistake of taking a position that goes against them & then don't use a mental stop & ride it down, only hoping "to get even." they then sell it @ the point the bought it (but when they sell it is in an upswing) & later are "kicking themselves" b/c the stock trades higher.
i know yer upset w/the earlier S-8s, but they were a necessity in the last Q. My DD indicates that an operating funds facility is in the offing & that M&A is progressing in a way that will be accretive.
CEO is holding 10M option shares & intends to have HYTT listed during his tenure. He has also stated this is the last turnaround he will perform before retirement. He has a serious track record of success.
i hope yer judicious when you hit the sell button @ $.075 b/c when it trades there again (& i fully believe it will & quite likely much sooner than you think), it'll be on it's way considerably higher.
did you see that Thomson's data? big block buying last week & no sell messages.
also, last Equitilink report had NITE doing 23% of all volume. In December it went up to 41% & in January it has been running @ 51%
NITE is accumulating inventory & i spincerely hope you are a beneficiary of their "distribution" phase, which IMO is going to happen in the next few months (weeks?) & @ much higher prices!!
GLTY!
more dubious typoBET claims!
now you purport that Nielson has gone short against the box w/the 10M option shares & have the abject temerity to claim that Barry couldn't know this to be a fact sans "inside info"?!? anyone who isn't incredulous in the face of the lies you post must have had a full frontal lobotomy.
there are no filings whatsoever to indicate that Nielson has disposed of any option shares (or the underlying interest thereto), just your specious allegations. they also only currently exist as treasury shares & would necessarily require Nielson's exercise in order to SAB them, which of course would require a form 4 filing AND registration of the underlying shares.
you also falsely claimed, "it would seem that everyone accepts that they were evicted." only those who seek to unlawfully drive down the pps "accept" this premise & only insofar as it serves that agenda. Gwinner's "going dark" observations are the most likely scenario (assuming for arguendo that there was some rent default, an issue that has certainly not been supported by anything beyond "anonymous" message board posts). any "eviction" would necessarily require a forcible entry & detainer action. not surprisingly, there is no evidence whatsoever that any such claim exists. if there was one, you & yer determined minions would assuredly have a link to post, yes?
moreover, HYTT released the statement that they had secured a $10M M&A LOC facility during this same time frame. so to "accept" your flimsy premise would require one to assume that the lending entity either disregarded the purported "evictions" in their DD, or failed to discover them (though RB posters are ostensibly privy to these material facts). either scenario seems wholly unlikely.
NittanyLion completely dismantled your BS claims about another CD coming in April '04. additionally, as i understand Reg D, the earliest that HYTT would even qualify under the once per 12 month rule is Oct. 8, 2004, in that the prior (non-toxic) CD was still open until Oct. 7, 2003. it is entirely unlikely that by that time HYTT will even need that sort of access to capital.
by then, HYTT will have completed the acquisition of at least three cash-flow positive U.S. entities & will likely be profitable on not just an ebitda, but also on an NOI basis.
i'm gathering all of your fraudulent posts & forwarding them to enforcement@sec.gov.
give my regards to Aziz Ibrahim (aka) "Anthony" Elgindy.
By: HPOBET
17 Jan 2004, 02:34 PM EST Msg. 5130 of 5130
(This msg. is a reply to 5128 by barryinla.)
Jump to msg. # Go
" He has not sold one single share. Period.
You would have to have insider's knowledge to know this as a fact.
Actually there are ways - not all of them necessarily legal absent full disclosure - that people can effectively sell their shares even if they really are effectively only lending the shares out and replacing them at much lower prices just as one for instance.
tens of thousands of people read Zeev's board daily
Federal Reserves is definitely one of the reasons that is so.
i don't post here, but rest assured, i & many, MANY others come here regularly for sage views such as yours.
very sorry to learn that you lost your wife, but the fact that you forged ahead & adjusted to a new existence speaks volumes as to your strength & fortitude.
you sir, spincerely have my utmost respect.
keep posting!!!
best,
SPIN
example chart:
this is the type of move HYTT will begin make as the biz plan unfolds IMO.
http://www.investorshub.com/boards/read_msg.asp?message_id=2153207
CEO Nielson expects HYTT to be a listed stock when he's done.
intial bid price for Naz small cap is $4.
CEO holds 10M unexercised options.
sure enough...
"subtlerise" re-posted my prior message here on the HYTT RB thread & like a pavlovian bell-ringing, "1_800_bottomfish" falsely claimed i had bailed & was using the RB suspension as a ruse. haven't sold a single share of HYTT & in fact added recently. while i'm not holding a motherlode like EZ, my holdings are definitely on par w/any others i've seen posted.
the Thomson's data has been consistently 50/50 -- 60/40 split b/tw retail & "non iWatch." yet today, when the price dropped, it was > 90% retail. also, NITE was only doing 23% +/- of all HYTT shares per the last Equitilink report. It has recently jumped to 51%.
It was @ 41% in December (compared to prior period in EQ report at 23%). And it then rose to 51% in January, which is effectively an additional 25% of NITE on the bid.
meanwhile, retail shareholders represented 90% of the selling today... sorta sad.
look at the block buying interest from 01/05 ----> 01/12/04 (& notice zero sell messages).
http://iw.thomsonfn.com/iwatch/cgi-bin/iw_ticker?t=HYTT&range=30&mgp=0&x=16&y=11&....
retail investors getting fleeced instead of holding for much higher prices!!
since i'm not a paid iHubber, i'll post @ the HYTT board (below) when appropriate (& sometimes here during "happy hour").
http://www.investorshub.com/boards/board.asp?board_id=2096
800_bottomfish, Winston Churchill said something to the effect of, "a lie gets halfway around the world before the truth has a chance to get its pants on..."
deceit from the likes of you, HPOBET, stillwaiting, rast53, usedtobeone, usedtobeonetoo, bellos_98 & a few others of yer ilk only has a limited shelf life & the expiration date is fast approaching!!!
better buy all you can, while you can.
SPIN
PS thanks subtle!
PPS btw, bottomfish, every message board site has access to your IP address, it's just that RB is a joke now, especially where paid bashers can get long posters suspended just for posting that they are paid bashers, claiming i'm a "spammer" for posting this link ----> http://www.messageboardfools.com/bashers.htm
Rusty is probably laughing all the way to the Lycos bank!
HYTT
re: Convertible Debenture
In April 2003, Hy-Tech issued a convertible debenture for $1,000,000 due in
April 2008. The convertible debenture is convertible into common stock at the
lesser of (a) $0.35 per share or 125% of the average closing bid prices per
share of the Company's Common Stock during the five trading days immediately
preceding April 29, 2003 or (b) 100% of the average of the three lowest closing
bid prices for the forty days preceding the date of conversion. In connection
with the financing, Hy-Tech paid a fee of $100,000. The convertible debentures
if not converted are due in August 2008. As of August 31, 2003, the outstanding
convertible debentures totaled $424,566.
Subsequent Event
8 <PAGE>
On October 7, 2003, the convertible debentures were fully converted to common
stock.
http://www.sec.gov/Archives/edgar/data/1156784/000114420403006493/form10qsba.txt
got bounced from RB for pointing out on a few threads that "HPOBET" is a paid basher... HPOBET claims there will be a million shares on the ask next month as a result of this fully converted debenture?
today's RB discussion related to purported claims of evictions is as accurate as earlier claims that CEO was named in litigation. i posted a http://www.pacer.gov search that proved there was no such claim filed.
disgruntled former employees posting on RB continue to bring unsubstantiated accusations. why is there no posting of a link to any claim filed or even a cut & paste of the pleadings, etc? nevertheless, HPOBET takes the eviction accusation & runs w/it as if it was a fact (just as much of a "fact" as the CDs not being converted). which reminds me, "rast53" claimed to not be an employee, yet answered a question about whether terminated employees get any severance pay stating something to the effect of "they just told us to gather our stuff and leave."
IMO HPOBET is there to attempt to drive down HYTT so that the 3.75M shares tendered to GTEC will be discounted on GTEC's financials.
IMO the settlement of the GTEC matter is very positive for HYTT & it was done w/restricted common.
was disappointed by the request for extension of the 10Q, but the company claims the filing will be complete by 01/19/04 & there might be entirely legitimate (& potentially bullish) reasons for the delay that were truly beyond the control of the CEO (who told me last week it would be timely).
anyway, won't be able to post on RB for the forseeable future & the email addy that i used in 1998 or 99 to register is long gone, so i don't know if it's a 7 day suspension or an elimination.
one thing is fer sure, "HPOBET" won't be posting on iHub b/c Matt would have his ISP & that might interfere w/his paid bashing of the half dozen stocks he's currently working.
IMO HYTT will announce positive news during this Q.
Convertible Debenture
In April 2003, Hy-Tech issued a convertible debenture for $1,000,000 due in
April 2008. The convertible debenture is convertible into common stock at the
lesser of (a) $0.35 per share or 125% of the average closing bid prices per
share of the Company's Common Stock during the five trading days immediately
preceding April 29, 2003 or (b) 100% of the average of the three lowest closing
bid prices for the forty days preceding the date of conversion. In connection
with the financing, Hy-Tech paid a fee of $100,000. The convertible debentures
if not converted are due in August 2008. As of August 31, 2003, the outstanding
convertible debentures totaled $424,566.
Subsequent Event
8
<PAGE>
On October 7, 2003, the convertible debentures were fully converted to common
stock.
http://www.sec.gov/Archives/edgar/data/1156784/000114420403006493/form10qsba.txt
got bounced from RB for pointing out on a few threads that "HPOBET" is a paid basher... HPOBET won't come over here b/c Matt would have his ISP.
absurd.
nope:
the SEC hasn't released anything yet, so i'm not willing to even contemplate a position in WAVX. i don't care if i would miss some of the whisper run-up (assuming mgmt is exonerated) following this approach, it keeps me clear of the risk inherent in this sitchy (whether others see that risk is irrelevant IMO).
though it's gotta feel good today for those here that bought the 12/24 bottom - nice trade - 50% move.
btw, Weby, if you finance real property & have no equity, the creditor has what is called "equitable title." moreover, if you "fudged" some of the info on the loan app, i suspect the mortgagee would have certain remedies that don't comport w/your post or Snack's concurrence.
anyway, congrats on a nice move today (though i'd hafta agree w/Bearmove's opinion that this rally affords an oppty to reduce risk). yeah, i know, i know, i'm a "basher," "sore loser," Surgeon General's warning, heretic, closed-minded, etc., etc.
btw, BKYI is up more than WAVX today on similar volume...
24:
do you think objectivity is ever compromised by one who has a vested financial interest in remaining optimistic in the face of negative facts?
if so, might a disproportionately large vested financial interest skew the objectivity even further towards optimism?
Snack - how many shares are you holding? / e
presumption of innocence:
"obviously the Commission concluded that after conducting a four month long informal inquiry that there was enough substance to upgrade it to a formal investigation. whether Wave receives a "Wells notice" remains to be seen."
Snack, that IS a presumption of innocence.
moreover, i have posted repeatedly that IF Wave is fully exonerated the stock might be worth considering, but not while the investigation is pending. so, while wavoids are certain of innocence, i offer the presumption coupled w/the possibility of what might transpire if the presumption is rebutted by the SEC's findings.
this board is about the stock & the company & none of us are on a jury.
also, i don't always accuse anyone of circulating insider info... in fact, i merely cut & paste other posts that have the appearance of insider info.
BIG difference.
btw, Texastree - i'm doing just fine bud. thanks for the opinion, but if my posts were motivated by vengeance, i would use all 18 every day.
& given all the stuff that i could post about the failures & false promises & self interested actions & breaches of fiduciary duty & misleading rhetoric of this company over the years & all of the ridiculously incorrect predictions of world domination posted by wavoids, just be glad i'm not posting w/vengeance.
besides, i did really well trading wavx in 2003, why would i seek revenge?
& to whoever posted the public defender comment -- i'd be far more likely to work for the SEC prosecuting white collar securities crime than i would be to defend common criminals. thanks for the observation though!
anyway, let the hyping continue...
i would consider any SEC formal investigation to be "scandalous."
scan·dal ( P ) Pronunciation Key (skndl)
n.
1. A publicized incident that brings about disgrace or offends the moral sensibilities of society: a drug scandal that forced the mayor's resignation.
2. A person, thing, or circumstance that causes or ought to cause disgrace or outrage: a politician whose dishonesty is a scandal; considered the housing shortage a scandal.
3. Damage to reputation or character caused by public disclosure of immoral or grossly improper behavior; disgrace.
4. Talk that is damaging to one's character; malicious gossip.
http://dictionary.reference.com/search?q=scandal
obviously the Commission concluded that after conducting a four month long informal inquiry that there was enough substance to upgrade it to a formal investigation. whether Wave receives a "Wells notice" remains to be seen.
having followed this company for over 5 years, i'm of the opinion that if the SEC *did* determine there was wrongdoing (criminal &/or civil) & the PPers sued & the company couldn't afford to defend itself & elected to file, or was forced to file for protection from creditors, some people would still be here, gripping their shares tighter than ever & still talking about how everything would be great in just a few more quarters.
IMO there are people here that would hold wavx no matter what happens as it is so intertwined w/their identity that they simply couldn't bear to be w/out it. i'm here b/c of some of the things i've observed about this company (as well as some of its shareholders) over the years & believe it warrants commentary & b/c i remain interested in how this all unfolds.
no person has any more "right" to post here than any other person, irrespective of whether you agree w/their opinions or not.
definitely not here to "save" anyone...
writing to the lurkers Snack...
& for the LAST time, i have no interest whatsoever in buying wavx in the midst of an SEC scandal. *if* they are fully exonerated, only then would i even consider bidding.
just trying to bring a few counterpoints to the ever-optimistic discourse from those that trust mgmt implicitly despite gobs of indications that such blind worship is woefully imprudent.
tell me, why do wavoids always assume that anyone who criticizes this company simply must desire to buy wavx?!?
isn't it possible that there is simply much to criticize & a person stuffed to the gills w/wavx is unable to see that?
it's a sincere question Snack.
"If that's how i really felt i would dump all my
shares..."
maybe a few people took the advice Doma, based on the bloodletting of today's open. looks like around 250-300K shares were shed since yesterday @ 3pm.
it's all good though, eh?
"they might catch some of the manipulators who trade this stock."
be careful whatcha wish for -- CFO sold 150K shares just off the multi-year high & didn't pay back the six figure "loan" granted to him. SKS intimated in an e-mail that his removal had been contemplated.
guess it's okay to post info about IBM being halted & investigated by SEC, but not okay to post breaking news on the wife of Enron's CFO rolling over & entering a guilty plea.
& btw, to whoever posted it was a tad more serious than Wave's dilemma -- i suspect IBM has the ability to effectively deal w/the inquiry & defend itself, especially w/billions on the balance sheet & an in-house corporate counsel staff larger than the law firm that represents Wave!
Wave might have that $7.1M (nevermind that the PP shares are still not registered & approaching 60 days since announced), but those funds were 100% earmarked for keeping the lights flickering on Pleasant St.
edit: specific and informative?
guess it all depends on the reader's perspective.
(bolds mine)
By: highonwavx
28 Dec 2003, 12:52 PM EST Msg. 103650 of 103702
Jump to msg. # Go
OT: Cm...
I hereby request that you at least post one new message a week, we will call it CM's Corner, where you can highlight anything new you would like to add to this long journey.
Deal? , by the way look for a MAJOR PR in Q1
shhhhh
High
http://ragingbull.lycos.com/mboard/boards.cgi?board=CLB00135&read=103650
High claimed i musta "misunderstood" his words on DD... SO, how else would one interpret the above post?
------------------------------
IMO the revisions of sec. 8 (below) are "informative" (as well as dark comedy)
http://www.unclever.com/wavx/3Q2002Amended.html
------------------------------
there are certainly plenty of "mean words" that are penned by people here other than me, though they champion things like management of public companies deceiving their shareholders for machiavellian "stay afloat" purposes. there are many examples of this sort of thing that i'm sure you've read...
IMO "extremely obnoxious" is the deletion of posts entirely relevant to the discourse b/c they don't comport w/a diehard long's viewpoint.
you have always been worth reading & even-keeled & i respect that -- i have no "mean words" for you rachel.
be careful holding wavx.
JMO
edit: i find this informative. & having been around back to 1998 i can say that Joe Trippi ("random1") did stop posting when he went to work for the Spragues & he disclosed his role w/Wave in a farewell post.
http://www.aether.com/archives/000020.html
November 06, 2003
Joe Trippi - Mastermind?
I've been busy trying to close my Howard Dean/Emergent Media story for Wired, which accounts for a few days of silence here, but I did notice this very interesting Joe Trippi profile at The New Republic.
Trippi is such an interesting character that I was tempted to make him the center of my story. I chose not to because I wanted to talk about the structure of the campaign rather than background of the man managing it. But now I'm especially glad I didn't go this route, because Noam Scheiber's piece is very good.
Scheiber talks about Trippi's experience as a stock speculator and participant in the infamous Raging Bull message boards. Trippi was a vocal investor in Wave Systems and then an employee of the company. Scheiber is fairly charitable about this, only indirectly alluding to the collapse of Wave's share price. (It ran from the teens to the high forties in 1999 and 2000 and bottomed out at about .75 after the crash - it now floats at around $2.50.) When I first found this out, while doing research for my own story on Dean, I wasn't sure what to make of it. For one thing, I haven't yet figured out if, at the time that Trippi was praising the stock on the message boards, he was also taking a check from the company, or if he stopped hyping the stock when he was hired. And, though I figured quite a bit could be made of this by somebody with an ax to grind, it is the kind of thing that seems most significant to people who are unfamiliar with the rather peculiar environment of the R.B. message boards during the height of the boom. I spent a lot of time on Raging Bull when researching Dumb Money. From Sheiber's piece, it sounds like everybody in the Wave Systems forum knew exactly what was going on with Trippi - and were completely thrilled that one of the online traders who was long on Wave was in a position to communicate directly with the company executives. I suspect that, given the denoument, this may be a slight exageration. On the other hand, Wave survived the crash - albeit after its shareholders took a brutal haircut - and that's more than can be said for most of such bubble companies.
Anyway, for a look at Trippi way back when, here is an interview with random1 from January 27, 2000. This quote is a perfect expression of the machismo of the R.B. boards just before the bubble burst:
"Most of my online friends just cannot figure out exactly what I do for a living, and to tell you the truth there are days where even I don't know. I can be in a Senate race in Oregon one day, on MSNBC or Fox as a commentator the next, and then suddenly find myself on a plane to Greece or Africa, the Middle East, or even Belgrade in the middle of hostilities. Nothing concentrates the mind like a secret police guy with an Uzi pointed in your direction. I get my biggest laughs from online slammers who think they can somehow freak me out of my stock."
Online slammers refers to short-sellers who would jump into a company discussion and spread false rumors (or true ones), trying to create some downward movement so that that could "cover" at a lower price.
Posted by garywolf at November 6, 2003 06:29 PM / TrackBack
Comments
Talked to Trippi today - he says he informed the board immediately when he became an employee of Wave and stopped hyping the stock. I also asked if he still owned any WAVX - he said he didn't know. We had a short, interesting conversation about campaign tactics, and he announced his intention to put 2-3 million volunteers on the street during the end stage of the campaign against Bush next October. A nice, big, bold claim...
Posted by: Gary Wolf at November 7, 2003 03:06 PM
As I recall in that era of the VERY difficult discounting of what WAVE was "worth" it seemed to me that Trippi was clearly "upfront" when he went to work for the company. The core group there was pretty savvy and intolerant of hrsht and many played the rises and falls on news pretty well.
It's still a bit of a puzzle how WAVE DID manage to piss away the value of a patent that should had given them an edge in the whole E-security arena. Their patent should have yet more value in both the expanding commercial uses of the net as well as for the the "war on terrorism" but seem to have excelled at "will to fail" efforts within.
You may still be able to cruise RB to correlate Trippi's disclusures with joining the company. I'd be surprised if there were dishonesty there, Jack Keane 907-727-5336
Posted by: Jack Keane at December 8, 2003 01:45 AM
yeah & PJS is front & center w/OTCBB rev merger
uWink to Emerge as Publicly-Traded Company
Through Initial Closing of Reverse Acquisition of Prologue
- Completes $3 Million Private Placement -
Los Angeles, California, December 5, 2003 - uWink, Inc., an innovative technology-based entertainment company, today announced it has completed the initial closing of its reverse acquisition of Prologue (OTC BB: PRLG), pursuant to which Prologue will acquire all of the outstanding shares of uWink capital stock in exchange for a controlling interest in Prologue. Through the reverse merger, uWink will become a publicly-traded company. uWink also announced that just prior to the closing of the reverse acquisition, it had completed a $3.0 million equity private placement.
Pursuant to a securities purchase agreement, Prologue has issued one share of its common stock for every 3.15611 shares of uWink capital stock transferred to Prologue at the initial closing. As of the initial closing, uWink stockholders had transferred 16,764,554 shares (representing approximately 66.37% of the total shares of uWink capital stock outstanding) to Prologue in exchange for 5,311,777 shares of Prologue common stock (representing approximately 88.22% of Prologue’s total capital stock outstanding). Prologue expects to acquire the remaining uWink shares outstanding in subsequent closings pursuant to the terms of the securities purchase agreement.
Prior to the initial closing of the reverse acquisition, and after giving effect to a 1 for 200 reverse stock split conducted on November 18, 2003, Prologue had 709,193 shares of common stock outstanding. Giving effect to the acquisition of all uWink shares, Prologue will have approximately 8,712,093 shares outstanding, of which 8,002,900 shares (91.86%) will be held by the former uWink shareholders and 709,193 (8.14%) will be held by the pre-reverse acquisition shareholders of Prologue.
Reflecting a realignment of uWink’s product lines and distribution strategy and the Company’s very limited capital resources over the past two years, from January 1, 2003 to December 4, 2003, uWink had revenues of $268,632 and a net loss of $1,176,905. As of December 4, 2003, uWink had total assets of $1,989,238, working capital of $891,792 and total stockholders’ equity of $934,596. These figures are unaudited and therefore subject to year-end audit adjustments.
Nolan K. Bushnell, founder and CEO of uWink, commented, “Through the private placement and reverse merger, we have succeeded in providing uWink with needed capital to execute our near-term growth and operational plans, while also positioning the Company to have access to public markets for any future capital needs. Though the past two years were very challenging, we learned how to operate the business on an extremely efficient basis, creating financial disciplines that are now part of our corporate mantra going forward. We see substantial opportunities in leveraging our unique focus and product development talents to create a growing range of exciting electronic entertainment solutions.”
uWink has completed the development of “SNAP!,” its touch screen, countertop pay-for-play game terminal system which can be operated either on a standalone or Internet networked basis. SNAP! units offer up to 58 touch screen video games and can be easily updated by downloading new games, fresh trivia and photos, and up-to-date holiday or special event skins. uWink intends to utilize the proceeds of its recent financing to fulfill its backlog of SNAP! orders and to introduce additional products in new and existing markets.
In conjunction with the closing, existing uWink directors Nolan K. Bushnell, Peter J. Sprague and Bruce P. Kelly have been elected to the Prologue Board, replacing Kevin R. Keating, Margie L. Blackwell and Spencer I. Browne, who have resigned as directors of Prologue. Further, it is anticipated that following the completion of the reverse merger, Prologue will change its name and stock symbol to better reflect the uWink mission and brand.
Falcon Capital, of Amsterdam, Netherlands, acted on behalf of uWink in the placement of the $3 million of uWink equity. Keating Investments, LLC, of Greenwood Village, Colorado, acted as the financial advisor to Prologue in connection with the reverse acquisition and coordinated the placement of $3 million in uWink equity. Keating Reverse Merger Fund, LLC, an affiliated entity of Keating Investments, LLC, was the controlling shareholder of Prologue prior to the initial close of the reverse acquisition. New Capital Advisors, of Los Angeles, California, acted as financial advisor to uWink in connection with the reverse acquisition.
About Prologue
Prologue is a publicly-traded Utah-based “shell” corporation that in the past few years has not generated significant revenues and was considered a development stage company as defined in Statement of Financial Accounting Standards No. 7.
About uWink, Inc.
Led by Nolan Bushnell, founder and former CEO of Atari Corporation and Chuck E Cheese's Pizza Time Theater, uWink is a technology based entertainment company that has built a library of over 100 short form games as well as a range of networked and stand-alone gaming units. uWink’s unique entertainment software is available for licensing to almost any platform, including touch screen terminals, pay-for-play game terminals, lottery and gaming kiosks in public locations, and cell phones and wireless handheld entertainment devices. uWink is also developing innovative prized games for the amusement industry. For more information visit: http://www.uwink.com.
Forward Looking Statements
The statements contained in this press release that are not historical are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), including statements, without limitation, regarding our expectations, beliefs, intentions or strategies regarding the future. Prologue and uWink intend that such forward-looking statements be subject to the safe-harbor provided by the Private Securities Litigation Reform Act of 1995. Such forward-looking statements relate to, among other things: (1) success of the reverse acquisition; (2) uWink’s expected revenue and earnings growth; and (3) estimates regarding the size of target markets. These statements are qualified by important factors that could cause Prologue’s actual results to differ materially from those reflected by the forward-looking statements. Such factors include but are not limited to: (1) uWink’s ability to obtain development financing as and when needed, (2) uWink’s ability to generate and sustain profitable operations, and (3) the market’s acceptance of uWink’s products and services. These statements, and other forward looking statements, are not guarantees of future performance and involve risks and uncertainties as more fully described in the Company's periodic filings with the Securities and Exchange Commission. uWink assumes no obligation to update any of the forward-looking statements in this release.
Media and Investor Relations Contact:
Purdy Tran or David Collins
Jaffoni & Collins
212/835-8500
uwink@jcir.com
Doma, 24 is correct.
the failure to register results in an inability to sell for the PPers, which might be good for you in the short term (e.g., 3,725,263 shares are not yet looming), but maybe somewhat less than good down the road if those PPers don't all think like Zen says his acquaintance thinks.
hey, if it were me, i'd be thrilled to hold paper that i couldn't sell, especially when it's been below my price virtually every day since the consideration was tendered & subject to a formal SEC investigation.
wonder if there's a performance deadline for registration in the PP contract?
wonder what the PPers remedies are in the event there is such a provision & Wave does not adhere to it?
wonder what contingency plan Wave has (if any) in the event that there are claims for breach from the PPers if there is such a performance clause & it is not met?
but Baby New Year says "Things are good!" so it's all prolly a tempest in a teapot & "high's" predictions of $5-6M in Q revs is a lock, 'specially when he has the super secret "BIG" announcement in January scoop.
remember, SKS said there wouldn't be any fun in wavx w/out all the risk.
to which i would ask SKS, what is the first 2/3s of FUN?
Press Release Source: Wave Systems Corp.
Wave Systems Completes $7.1 Million Private Placement Financing
Wednesday November 19, 9:22 am ET
LEE, Mass.--(BUSINESS WIRE)--Nov. 19, 2003--Wave Systems Corp. (NASDAQ:WAVX - News), a leading developer of trusted computing solutions and services, announced today that it has completed a $7.1 million private placement of Class A common stock and warrants with a group of institutional and accredited investors. The financing is intended to fund Wave Systems' ongoing operations, specifically its sales and marketing efforts, as well as its engineering, development and customer support teams and its general corporate overhead.
The private placement consists of 3,725,263 shares of common stock priced at $1.90 per share as well as warrants to purchase 1,095,227 shares of the company's common stock at an exercise price of $2.62 per share. If exercised in their entirety, the warrants would generate an additional $2.9 million in gross proceeds to Wave. J. P. Carey Securities acted as the agent for the private placement.
In conjunction with the private placement, Wave Systems has agreed to file a registration statement on Form S-3 to register the common stock issued in the offering as well as the shares underlying the warrants.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy securities of Wave Systems Corp. This press release is being issued pursuant to and in accordance with Rule 135c under the Securities Act.
About Wave Systems Corp.
Consumers and businesses are demanding a computing environment that is more trusted, private, safe and secure. Wave is the leader in delivering trusted computing applications and services with advanced products, infrastructure and solutions across multiple trusted platforms from a variety of vendors. Wave holds a portfolio of significant fundamental patents in security and e-commerce applications and employs some of the world's leading security systems architects and engineers. For more information about Wave, visit http://www.wave.com.
Safe Harbor for Forward-Looking Statements
Except for statements of historical fact, the information presented herein constitutes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include general economic and business conditions, the ability to fund operations, the ability to forge partnerships required for deployment, the success of partners in their deployment of Wave's technology, changes in consumer and corporate buying habits, chip development and production, the rapid pace of change in the technology industry and other factors over which Wave Systems has little or no control. Wave Systems assumes no obligation to publicly update or revise any forward-looking statements.
------------------------------------------------------------------------
Contact:
Wave Systems Corp.
Gerard T. Feeney, 413/243-1600
info@wavesys.com
or
Investor Relations:
Jaffoni & Collins
David Collins, Richard Land
212/835-8500
wavx@jcir.com
------------------------------------------------------------------------
no way could the registration be delayed by the SEC...
i'm sure Zen's friend is thrilled to hold an illiquid "investment."
congrats to those who held their nose & bought those lows.
be nimble, be quick, but don't be the one left holding yer...
did PP shares get registered yet? / e
"Looks like SKS isn't the only one."
true - Peter Sprague has been a regular seller for years & Gerard Feeney dumped just off the 52 week high (but never bothered to pay back the "loan" he was granted on the eve of Sarbannes-Oxley).
but why should he when he received an "extraordinary bonus" not coincidentally in the precise amount of the principal & interest due & owing?
wonder how the people who bought those 150K shares @ $5 feel...
G -- the SEC would likely disagree / e
Gee GKS, you've written thousands of words on attestation & the role TPMs will play in future MBs & OSs & even included snappy graphics.
why do you need soooooooo many posts & so many words to explain what you think Wave is doing?
tia!
to wit:
http://www.investorshub.com/boards/read_msg.asp?message_id=1993104
almost 2000 words in just this one Bataan Death March post - did anyone even finish reading it?
GKS - you sound sorta defensive...
i'd like to think that "all views are welcomed" here & one needn't hold the stock to post an opinion. i've posted that wavx might be worth buying but only after the SEC clears them of any wrongdoing. If they are exonerated, Zen's prediction would apply, if there are indictments, etc., it would not apply.
is it okay to not drink from the kool aid river & still have an interest in Wave's prospects?
might there be others who view the sitchy similarly as me & wanna stay apprised of all things Wave, good and bad?
am i wrong s'up?
Reuters
Symbol Tech CEO Resigns Due to Scandal
Tuesday December 30, 4:21 pm ET
By Wei Gu
NEW YORK (Reuters) - Bar code computer maker Symbol Technologies Inc. (NYSE:SBL - News) said on Tuesday its Chief Executive and Acting Chairman Richard Bravman resigned after only 17 months on the job due to his role in an accounting scandal.
Symbol said that Bravman, a 25-year veteran of the company, had been involved in a 2001 transaction that involved early revenue recognition of $860,000.
The Holtsville, New York-based company said Bravman stepped down because he believed it would help Symbol resolve the investigations by the SEC and the U.S. Attorney's office. The company previously has said those probes focused on revenue accounting from 1998 and the first nine months of 2002.
"When I learned that my connection to this transaction might influence the outcome of the government's investigation of Symbol, I realized that this is the right thing to do," Bravman said in the company's statement.
Symbol has been under investigation for its accounting by the Securities and Exchange Commission (News - Websites) since August 2002, one month after Bravman took the reigns from company founder Jerome Swartz in July 2002. Symbol said it named President William Nuti to replace Bravman as chief executive.
Symbol, which said an internal probe had found widespread accounting irregularities, also restated earnings for 1998 to 2001 and said it had filed its 2002 annual report after delaying it twice.
Analysts said the filing of the much delayed annual report lifted one of the clouds over the company, sending its shares up about 2 percent to a two-year high.
After adjusting revenue and expenses, Symbol posted a net loss in each year from 1998 to 2002, Chief Financial Officer Mark Greenquist told Reuters. Symbol previously reported profits in 1998 and 1999 and losses in 2000 and 2001.
Symbol, which also provides mobile computing technology, took a $98 million charge in 2002 for shareholder lawsuits stemming from the accounting scandal and other litigation, bringing its annual loss to $57 million, or 25 cents a share.
"The (internal) investigation at this point of time is over with the exception of certain former Symbol associates," Nuti, who was hired from Cisco Systems Inc. (NasdaqNM:CSCO - News) last year, told Reuters. "I am sure the government will follow up on those."
Symbol said in its annual report that 10 or more former employees have received a so-called Wells Notice from the Securities and Exchange Commission, which is a formal notice that the SEC will recommend civil charges be brought. Symbol said Bravman, who will remain with the company as an advisor for a year, did not receive the notice.
It also named board member Salvatore Iannuzzi as nonexecutive chairman.
The company said in its annual report it discovered widespread accounting errors and irregularities related to the timing and amount of revenue recognized.
For example, it had recognized revenue without documented contracts, after it had shipped items but before they reached the customer, and without regard for later changes in the price of goods or services.
Symbol also said its inventory accounting was inaccurate, that it recorded patents costs incorrectly and that it had mishandled exercises on stock options.
Bravman's departure comes after a string of management changes this year, including the July resignations of Swartz and former general counsel Leonard H. Goldner. Among 16 senior executives, only the human resources chief and the research and development head have not changed in the last year.
Two former Symbol executives have pleaded guilty to securities fraud - Robert Asti, former vice president for North America Sales, and Robert Korkuc, former chief accounting officer.
Symbol said accounting changes reduced net income from 1998 to the third quarter of 2002 by a total of $324.7 million. Revenue was cut by $234.2 million for the period.
As of Sept. 30, 2002, its restated stockholders' equity was $946 million, down from the $1.171 billion reported earlier.
Symbol said it would file quarterly financial statements for the first nine months of 2003 with the SEC within the next few weeks.
Its shares advanced 38 cents, or 2.26 percent, to close at $17.23 on the New York Stock Exchange (News - Websites).
http://biz.yahoo.com/rb/031230/tech_symbol_3.html
so true Zen... "luck" is critical.
do you feel lucky?
well?
do ya... Zen?
(j/k -- ode to the mayor of Carmel, Calif)
we'll just have to agree to disagree on the riding a stock down theory... learned my lesson in 2000 & sold my last big chunk of wavx @ around 8 5/8s. felt so defeated for not dumping into the msft/XP puff pr in the mid 20s, but then it continued to slide down to $1 & then i felt really "lucky."
So, how can you be certain that this is a solid trend reversal & not just some quirky short term trading event? i don't see it yet but i certainly wonder what's being written in the underground e-mail circuit b/c wavx has been strong two days in a row (a rarity in last few months) in the face of something fundamental that should curtail any such rally.
TA is fine, but FA is what moves stocks more often than not IMO & the FA here includes some issues that i simply cannot accept as a holder. don't wanna let "luck" influence my performance *that* much & sooner or later, "luck" almost always runs out. Zen again, i don't have the ear of any of the PPers either, so you have a distinct advantage over me in that respect.
but how do you know i'm not currently positioned for similar (or exponentially larger) gains elsewhere?
lotsa stocks out there Zen.
anyway, good luck!
Snack, the risk has disappeared?!?
c'mon man, you cannot be serious. wavx has had a nice couple of sessions & that somehow equates w/a clean bill of health vis a vis SEC?!?
while the results of Dudash's wavx play are not spectacular, IMO his trade was the smart move. in fact, this rally offers a good oppty to take some cash off the table IMO. capital preservation lets you live to fight another day, whereas riding a stock down 30, 40, 75 or even 90% is not "investing." (IMO)
won't even consider owning wavx again unless & until the SEC gives its official & public imprimatur (but i wouldn't even buy that news b/c it'll rally & correct, though might be good for a day trade). don't care if i miss some of a V bottom profit b/c the uncertainty remains that Wave makes headlines again in a way you wouldn't enjoy much.
also, it is a double standard to presume that something purportedly favorable to a long theory is true, while everything else must first be proven.
i'm skeptical of the SKS e-mail b/c i simply cannot "beleive" that he would be fielding e-mails from individuals while facing SEC scrutiny. Moreover, this all started as an informal non-public inquiry & the Commission apparently "beleived" sufficient facts existed to commence a formal investigation... yet w/a 25% rally you post that the risk is gone?
but then again, i "just don't matter" as i've questioned the validity of the e-mail... does Wave have lawyers advising SKS? we've heard zed from the company since the SEC announcement & this is the first response? no offense putterboy, it may very well be "real" but if it is, it raises some serious (new) questions about mgmt's judgment IMO.
AND, while you may not like it, HhH makes some extremely valid points in his screed. one question that must be raised in the face of this is why wasn't Feeney compelled to repay the "loan" w/the proceeds of his 150K option dump near the intra-day highs? if anything, maybe this e-mail is a hint that jerry's days are numbered & the investigation is focused on his actions? i dunno, but it smells like it IMO.
enjoy the rally, but consider trimming positions if yer employing short-term money you can't afford to lose... JMO
regards & good luck!
SPIN
Snack i can understand how you might perceive things in such a light but that don't make 'em reality.
last 2 trades:
i sold in AH during the last CC. D&O was buying right around the time i was selling @ $2.40. assuming he still holds those shares, they remain 35% + underwater.
i bought on the same day as the BofD buy around $1.60. sold those shortly thereafter for about a 35% gain (an approx. 70% swing), Mig did a little bit better on his daytrade sell but not by too much. it didn't follow through so neither did i (expected it to rally back to CC levels & it failed).
it's trading today right where i last bought it... a good day for you guys (on nice volume) & maybe it is a leak about a favorable SEC ruling.
i'll wait for the dust to settle.
maybe it's "off the wall" to not implicitly trust mgmt, or to take caution when the SEC has subpeona powers, but that's the model i'm using & it has been working well so far.
i definitely do not wish for wavx's demise, nor yours or the wavoids in general. i fully realize that most of the people here are overall really good people who have a dream.
not wishing for carnage at all, just think it remains a very real risk based on other stocks that have been similarly situated.
sometimes life ain't fair -- the men of Troy are ranked #1 in both major polls but ain't tasting any sugar & Wave might have the mutha of all disruptive tech, but they ain't gettin any love either.
as i've said, i'll wait for the dust to settle, but my trades in wavx have been as good as anyone else's who has been willing to post 'em. i'm not "married" to wavx, i just sleep w/her every once in a while.
if Spragues & Feeney are fully exonerated, i'll re-evaluate but not a moment... ahem, Sooner.
im01 - re: making things up
there is a significant difference between making an error & making things up. i make errors all the time & admit to them & assure you i'll make more in the future. some voidiots love to gnash their teeth & chomp down on those as if some res ipsa indicia of "agenda" or whatever long buzzwords you elect to employ... sometimes it's just a case of making an error.
the PP was for $7M not 7M shares. you are correct, but the point about substantial sell-side overhang still certainly exists, albeit only 3.5M shares +/- (something on the order of around ten days worth of trading @ current volume). you can try to spin it positive all you want, it has no effect on me whatsoever.
i'd also like to see you be as vigilant in correcting everything posted by zealots which has not come to pass (or has been completely erroneous) & do so w/similar accusatory zeal. or maybe "correct" things like breakeven predictions that get moved out further & further every time mgmt speaks to the public...
howiever, i doubt that'd ever hauppen.
Snack, your subterfuge of whether mgmt made any money on the Founders' Shares is IMO a naked attempt to obfuscate the absolute fact that mgmt took a big slice of equity out of a subsidiary held in majority by a public company & did so w/zero consideration flowing back to the sub (or, of course, the public company &/or it's S/Hs). that alone IMO would have been sufficient basis for a derivative suit for breach of fiduciary duty. but i don't really care at this point...
AND they did it in a clandestine fashion which was only exposed months later in the fine print of an SEC filing.
but i don't really care... i don't hold the stock & wouldn't even consider it until the SEC's formal investigation is completed. in fact, IMO any person buying on the way down is very foolish for doing so if they do so w/funds from which they cannot afford to lose every last penny. (no, that is not "bashing," instead it is the reality that no one here knows what will come of the ongoing SEC investigation -- it may result in all sorts of bad tidings that turns your stock into worthless paper. Wave Systems could be destroyed or vindicated, it all remains to be seen & the upside reward is not even remotely correlative w/the obvious risks).
btw, if you think wavx could be halted & gap to $3.50 that is your perogative, irrespective of how incredibly unrealistic such conjecture might be. a trading halt & gap down below $1 *is* realistic based on other companies' equities response to SEC investigations into mgmt wrongdoing. but rest assured that i am not wishing for a wavx demise in the least).
again, i don't really care right now & the volume & frequency of my posts is (or at least should be) indicative of my sidelines position. i hope you all are made whole & zen some, but it looks increasingly unlikely despite some desperate puffery to the contrary.
there is a really nice bull market going on elsewhere if you hadn't noticed & i don't wanna revisit QDEK (which this is really beginning to resemble IMO).
good luck!
SPIN
PS also Snack, i think it would behoove you to consider reviewing the doctrine of actual malice as it relates to libel & slander of individuals who are public personas.
N4's use of the word "crony" is entirely accurate & hardly slanderous IMO & is not in any way a statement made w/reckless disregard for the truth (nor does it even come close to rising to the level needed to establish other required elements). Moreover, truth is an absolute defense in such matters.
cro·ny ( P ) Pronunciation Key (krn)
n. pl. cro·nies
A longtime close friend or companion.
http://dictionary.reference.com/search?q=crony
PPS
By: highonwavx
28 Dec 2003, 12:52 PM EST Msg. 103650 of 103651
Jump to msg. # Go
OT: Cm...
I hereby request that you at least post one new message a week, we will call it CM's Corner, where you can highlight anything new you would like to add to this long journey.
Deal? , by the way look for a MAJOR PR in Q1
shhhhh
High
http://ragingbull.lycos.com/mboard/boards.cgi?board=CLB00135&read=103650
are voids the voids' worst enemies? SEC investigation & *still* people post stuff that smacks of inside info... what a mess!
Snack it would appear that someone interested in bidding $1.36 @ today's open would have been able to purchase 17,400 shares @ or below that price.
http://host.businessweek.com/businessweek/Historical_Quotes.html?Symbol=WAVX&StartDate=12%2F26%2....
i wouldn't be that "someone" though b/c the risk/reward parameters don't justify speculating IMO.
the "benefit of the doubt" leeway that previously existed is gone for me. simply cannot rationalize myself into buying wavx (& think it'll get cheaper anyway, which is sorta beside the point).
the mgmt of this company has done things behind the scenes like Founders' Shares that S/Hs didn't find out about until months later & that makes the caveat emptor here too much for me. it could all end horribly w/a trading halt & an open below $1.
of course, it's still possible that mgmt could be completely exonerated & it rallies back to $1.80. but even then there are still going to be 7M shares overhanging the bid & sub $2 prices are on the horizon well into the forseeable future.
i don't wanna be on the wrong side of this if it goes bad b/c a 50% haircut remains far more possible than a 100% rally IMO.
too much risk & not nearly enough reward.
i'll wait for the dust to settle & re-evaluate when the SEC finishes its inquiry. if mgmt is completely exonerated, i'll miss a little bit of the upside, but i'll also be insulated from having my capital cut in half.
as it stands, i have no intention whatsoever of owning wavx. the sidelines is the safest place right now & maybe things will change enough for me to reconsider, but for now it's a broken stock w/a ton of shares on the sell side (whenever they do get registered) & a serious stigma that will take a great deal of good news to mitigate.
best of luck to those of you doing all the heavy lifting of holding -- it takes some serious guts & if your collective trust is warranted, you'll be appropriately rewarded.
if not, well, it'll be an absolute bloodbath & CNBC will be sure to broadcast it worldwide.
ring-side seats are (risk) free.
regards & happy holidays.
"My source (informally from a Wave employee) indicated that there were actually two Japanese OEM's that had signed agreements." --- svenm. Sven, are you in the United States?
Wave employees doknow the company is the target of a formal SEC investigation, don't they?
SO, would a "reasonable investor" consider the execution of 2 OEM contracts to be material information?
btw, oknpv, that "killing" is down 4% in AH:
http://quotes.nasdaq.com/quote.dll?page=afterhours&mode=frameset&symbol=ONT&symbol=WAVX&...
24, i speculated that placing the PP shares (by virtue of an approved S-3 registration) might be jeopardized by the ongoing investigation... also posted that i wasn't sure about the Commission's policy as it relates to whether suspect companies are permitted can continue to print new shares during any investigation. i don't know the answer. can you provide documentation that clarifies whether Wave can do additional rounds of diultion during the inquiry?
what if this investigation extends beyond january? can Wave do yet another round of dilution if the investigation continues?
tia!
SO, Zen, why would i need to store any doc which recounts some of Wave's many foibles in a "smartsafe"?!?
& yeah, it takes soooooo much effort to select all & then copy the text from a post to paste it into a word doc...
it isn't the SHM authorization that matters.
even though it is often treated as a private company, it's not.
the SEC has the final say on whether those shares are sold b/c they authorize the registration.
said i don't know.
but doubt that a company under investigation for suspect trading is permitted to toss more shares into the market while still under investigation.
you are quite correct unclever.
bought & sold quite a bit in that time frame & confused the days & events.
good for you, but even there i noted:
"if they would just reform the corp governance & eliminate the rest of the family biz BS..."
cute little accusation there. i knew nothing about anything until it was made public. i had the dates & events confused.
glad you corrected the record - i'm wrong all the time.
maybe you can do me a favor... go back into that CC archive you keep (which might come in handy for people that don't share your perspective, btw) & find all of the inconsistent statements made by SKS.
i'm the last person you should accuse of tipee liability especially when there are so many winks & nods floated around here.
shute -- "I expect that the SEC "investigation" has delayed that a bit."
you agreed w/my point.
show me evidence that typical SEC investigations get wrapped up in a day or two. i didn't post anything about unreasonably delaying the registration & i don't think my view that any investigation will go at least into January (a mere 11 days away) is even remotely presumptious.
you can't really believe that the SEC will have this all neatly wrapped up for Christmas?
or can you?
if it does, Wave will not have expended one of its 9 lives, but it looks highly unlikely IMO.
WAVX is the freakin' Rasputin of stocks, so anything can hauppen & it'll be interesting to watch, that's fer sure!
not meant as a pejorative Zen...
anytime a stock jumps five-fold in 2 days, i think it is quite fair to call the PR a "pump" w/out it necessarily meaning anything untoward.
again, if you polled a group of investors from outside this particular fishbowl, i suspect a resounding majority upon viewing a wavx 6 month chart, the PRs & the fact that more than a half million shares were sold by Wave employees, would more likely than not consider what happened was a "pump and dump."
if observations like this are "sandpaper" to you, my apologies. i could certainly make the same claim about yours where you endorse a company misleading its investors for the sake of a machiavellian effort to keep the company afloat.
PP investors usually make out like bandits so why wouldn't your well-heeled friend wanna piece of the action?!?
but those shares have to be registered by the SEC... i don't know the Commission's policy as it relates to allowing companies under investigation to print millions of new shares every quarter, but i hazard to guess that it ain't wave friendly.
that's a big problem Zen -- if Wave can't float 7 million new shares they won't be in a position to pay expenses irrespective of how many friends such as yours are willing to play the PP game. the willingness is irrelevant, it's whether Wave will be permitted to register all of these new shares that is a predicate to receiving the cash they need to pay the bills.
it's all SpECulative rachel:
one thing that is a fact though, is that government agencies move slowly in these sorts of matters. another is that the holidays are upon us & that will likely slow things down even further. look how long it took to get the last PP registered w/out the specter of a formal investigation.
even if Wave is vindicated for unloading more than a half million shares into the august pump, the financial crisis remains.
Wave has enough cash for about 6 weeks (which btw, is "Three Weeks" times two) & it is entirely possible that the formal investigation will be delayed into January.
Wave doesn't have the luxury of time on their side & it would be a tremendous show of good faith & confidence for the fmr CEO to "loan" Wave a few million to tide them over...
doubt that'd ever hauppen, but if it did, it could be construed as an indicia of Spague confidence in the future of the enterprise.
edit: i didn't specifically attribute fault Doma...
just tried to present a real world scenario as to how this might have transpired. look bud, i thought the reporting was sloppy back then & i still do, but i also believe i understand how it happened.
the use of "partner" could be considered by some as misleading AND the reporters were confused by the phrase "Embedded Security Subsystem" which does not necessarily mean that ETS was to be embedded in IBM pcs. i know it. you know it. but people from outside the weird little world of wave do not know it!
part·ner·ship ( P ) Pronunciation Key (pärtnr-shp)
n.
1. The state of being a partner.
2.
a. A legal contract entered into by two or more persons in which each agrees to furnish a part of the capital and labor for a business enterprise, and by which each shares a fixed proportion of profits and losses.
b. The persons bound by such a contract.
http://dictionary.reference.com/search?q=partnership
shute -- i think the inquiry goes about a half million shares deeper than just the reporter error issues.
but i respect yer right to the position that the SEC is investigating Wave for reporters' mistakes.
edit:
Among other individual stocks seeing early activity, Wave Systems (WAVX: news, chart, profile) was a standout to the downside, tumbling 31 cents, or 17 percent, to $1.50 in Instinet pre-open. The provider of digital security products said late Thursday that the Securities and Exchange Commission has begun a formal investigation into certain matters relating to certain public statements made by the company during and around August 2003, as well as certain trading in Wave's securities during such time.
please don't say this has *anything* to do w/short-sellers (except to the extent that it is an early gift for them).
it was more likely PO'ed bagholders from $5 that bought CFO Feeney's stock that reported Wave.
better hope Elliott Spitzer doesn't join in on this mess...