Bigbuyer, that guy is full of it and so are you. Read the article again but this time put your glasses on. MOTG is only buying 51 percent of company not all 3.5 million shares. If HRVE PPS keeps going down we might have to lower the ante. The projected revenues of $65-70 million are with all the acquisitions made plus HRVE. Add them up. You are a BASHER through and through. Get a LIFE.
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Our day will come, after speaking with Welch through email. Im more confident that ever. He said one way or another the deal will be completed.
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Good morning all. No Malibu for me today, sick daughter with strep.
The article was extremely unprofessional, with lots of factual errors. AW knows about it and isn't happy at all. They are trying to decide if they will respond.
It looked like we were gonna have a nice morning, but it appears the mms arent ready to let this run. And now ARCA on the ask with a huge order. I guess we are gonna need some serious volume to bust past all this crap.
By Joan Verdon Apr 05, 2006 (The Record - Knight Ridder/Tribune Business News via COMTEX) -- Harvey Electronics Inc. of Lyndhurst wants its shareholders to hit the pause button on a tender offer by Modern Technology Corp. and wait until the Harvey board can study the proposal.
"We look forward to reviewing the offer more carefully as we learn more of its specific terms," Harvey Chairman Michael Recca said in a statement Tuesday.
Harvey CEO Franklin Karp declined to be interviewed about the offer.
On Monday, Modern Technology, a technology development and acquisition company based in Oxford, Miss., announced it wants to purchase 51 percent of the outstanding shares of Harvey's stock. Modern Technology offered 80 cents in cash and 35 cents in Modern Technology stock for each share of Harvey stock.
That announcement caused Harvey stock to surge from 61 cents to 89 cents. On Tuesday, the stock price dropped to 74 cents.
The stock price has bounced between 54 cents and $1.59 over the past year.
Modern Technology is a 24-year-old investment firm that has adopted an aggressive acquisitions strategy in recent years. Last year it acquired Sound City, a New Jersey-based catalog and retail company that, like Harvey, specializes in home theater installations. Modern Technology has told its shareholders it plans to expand the Sound City chain.
Howard Davidowitz, chairman of Davidowitz & Associates Inc., a national retail consulting and investment banking firm based in New York City, said the a deal could benefit both companies. Because Sound City and Harvey's both do custom installations, "it makes sense to try to get critical mass," he said. "So you can get your costs down and you can be competitive."
Harvey's size -- with only eight Harvey Electronics stores and two Bang & Olufsen showrooms -- is its biggest challenge, Davidowitz said.
"Can you imagine being their size in a marketplace with Best Buy, Circuit City, etc.? This is not easy," he said, adding that Best Buy's success in improving its service with its Geek Squad of technicians is hurting smaller chains like Harvey.
Harvey also would benefit if it no longer had the costs and reporting responsibilities of being a public company, Davidowitz said. "There was a time, maybe a decade or 12 years ago, when Harvey's was a little hot. It had upscale product. Best Buy wasn't where it was today. But that's all gone."
Harvey has been warned that it could be delisted from the Nasdaq if its stock price remains below $1.
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Thanks for the update. I read that post late last night and was pretty pissed at that woman. I was wondering how Welch might feel about it. Thanks for supplying us with the answer
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Slow day. My Ameritrade times and sales for MOTG shows 2 hours between last 2 trades. Last trade at .029, 40,000 shares. Does that mean that no one is selling? Are we holding tight? I am. I want a much higer PPS.
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as you mention, Kat, really only a question of MM's having enough cheapies to let it go...but shaping up nicely
The ADX is looking better and better. Once the positive DM and the Average DM move above the Negative DM this stock will be on a bullish course. I checked a few other indicators and there's some accumulation going on. The Stochastic is also looking better. If you look at the daily price versus the 21 day moving average it looks like a roller coaster. One week it's above the average the next it's below. Hopefully we'll start getting more consistency with the share price.
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