posted
I have to go along with Blackbeard on this one. First off, I do own this stock so take that for what it's worth. I called the IR number and got bounced around and then disconnected three times. I then called the Exabyte number and got Kelly Beaver's voicemail. He returned my call with in about 15 minutes-this was about an hour ago-and confirmed the same info. He said as of today that it did not look good for the "common shareholder". we went back and forth over a couple of issues but I did ask how the shareholder vote was relative if they (the shareholders) were simply voting themselves out of the picture. He said that in this type deal, there are normally a majority of shareholder vote already secured or anticipated. My final question was, "So is this fall in price justified?" and he replied that he thought it was, unfortunately. But hey, it's a penny and too often about perception and momentum so GLTA and do what you will. I'm hoping for a break even point.
-------------------- There are those for whom such life makes all other existence seem tame! Posts: 52 | From: Alabama | Registered: Feb 2006
| IP: Logged |
posted
Hmmm, went to Yahoo and pulled up insider transactions. Tom Ward the CEO has been buying large quantities every 3 months (see below). After all that why would he want HIS shares to become worthless also?
posted
Stockstar- Would it have anything to do with the TYPE of shares purchased? I noticed that there was a specific pecking order alluded to in the PR and that common shares seem to be at the bottom. Not something I know a great deal about, just curious? Anyone?
-------------------- There are those for whom such life makes all other existence seem tame! Posts: 52 | From: Alabama | Registered: Feb 2006
| IP: Logged |
posted
Because obviously "his" shares will not be worthless. It all sounds pretty shady to me
Posts: 90 | From: Minneapolis | Registered: Jan 2006
| IP: Logged |
posted
only thing i can come up with is sumthin like a hostile takeover to eliminate compition. if they do come out with that pr , it will bounce like a super ball , i'll be watching too
Posts: 742 | From: SOUTH CARRIBEAN | Registered: Mar 2006
| IP: Logged |
posted
I had higher hopes for this one and am glad i didnt get in around .13. I did get a small position at .045 though and will hold. A lot of shares traded today and I believe it will go up (how much , who knows, and are we at the bottom yet?) MM's should be setting on a pile of shares, its hard to believe that they'll let them go to waste, but who knows stranger things have happpened
DJ Imation: Exabyte Note Restructuring Won't Affect Results
DOW JONES NEWSWIRES
Data-storage company Imation Corp. (IMN) said restructuring agreements concerning its holdings of Exabyte Corp. (EXBY) convertible notes won't materially affect Imation's financial results.
Tandberg Data ASA (TAA.OS) recently agreed to acquire Exabyte Corp. for $28 million, and as part of the deal, required Exabyte to restructure the notes, which are also held by Hitachi Ltd. (HIT) and Solectron Corp. (SLR).
According to Exabyte, the restructuring would reduce amounts currently due under various debt instruments, and require that new or restructured notes be issued, payable in certain circumstances, as well as the waiver of any existing and future events of default.
posted
as a matter of truth, i'm no longer in this stock. made $14 off of it, amazingly not a loss, at least..
anyways, i really like how this looks for tomorrow. as bad as the news is, it won't really truly effect this stock till the shareholders meet in september-october to decide and then only if the deal goes through.
this was looking really bad, as it had gotten down to hit the .0265 mark.. but the good stuff is that it came off of that and closed above that on decent volume to push it back up.
people for tomorrow will see it as a deal, possibly, and since there's no emergency to have caused this, i'm thinking that it might act like BLLD next few days (hopefully).. go check out the 5-day chart for that one and compare the price behaviors of each.
anyways, in case i don't make another appearance here again, i'd like to thank everyone that kept me company on today's rollercoaster here.
-------------------- Hindsight is 20:1. It's like printing money. Posts: 1129 | From: Univ of Fl | Registered: Jan 2006
| IP: Logged |
posted
to the dirt! be careful. (another reference of "too the moon" however opposite direction!
Posts: 1088 | From: Dallas, Texas | Registered: Feb 2006
| IP: Logged |
posted
well I took some off the table but still hold 5k shares. I'm not sure what to think and didn't know anything of the news or what was happening. Just had to protect my capital like we always should. 5k moving with those L2's is still a really nice profit.
-------------------- I buy fast and sell faster! Posts: 2018 | Registered: Jan 2006
| IP: Logged |
posted
Exabyte sold for $28 million By Jeff Smith, Rocky Mountain News August 30, 2006 Boulder’s Exabyte Corp., a struggling data storage company once described as the hottest high-tech company in northern Colorado, announced an agreement Wednesday to sell its assets to Tandberg Data ASA of Norway for $28 million. The sale marks still another loss of a Colorado-based tech company. It comes on the heels of the sale of McData Corp., the last major player in the state’s celebrated data-storage industry.
McData was sold to Brocade Communications Systems Inc. for $713 million.
Kelly Beavers, an Exabyte co-founder and vice president of product marketing, said the current plan is for Tandberg to retain the north Boulder operation and offer jobs to Exabyte employees. Exabyte employs 170 worldwide, nearly 150 of whom are in Boulder.
The deal required Exabyte to restructure its debt agreements and for Tandberg to assume many liabilities. But Exabyte stockholders stand to lose everything.
Exabyte shares, traded on the over-the-counter bulletin board, dropped 75 percent to 3.5 cents Wednesday after the deal was announced.
Exabyte, co-founded in 1985 by former StorageTek executive and co-founder Juan Rodriguez, once was considered a dominant tape drive maker. But Exabyte started to fall on hard times in the late 1990s. Rodriguez, formerly chairman, went off the board several months ago although he is still listed as the company’s chief technologist.
"Spiritually, I think it’s been a pretty tough road for Exabyte," said Robert Amatruda, an analyst for the research group IDC. He noted that it’s difficult for people to "watch a homegrown company get snapped up, especially by a foreign entity."
But Amatruda said Exabyte found itself in an industry dominated by a few, larger companies. "It wasn’t indicative of their products, which were very well-designed."
He said he believes Exabyte management did everything it could in recent years to increase revenue and win new customers, "but the world of tape transitions happens slow." He said the deal gives Tandberg a "well-respected brand in the storage industry" and a U.S.-based distribution channel.
"I’m sure there will be ‘efficiencies,’ but at the end of the day, they want to grow their North American business," Amatruda said of the prospect of Tandberg retaining Exabyte employees.
Exabyte generated $21.6 million of revenues in its first quarter of 2006, while Tandberg Data had $30.5 million of revenues. Beavers said most liabilities are being settled or assumed by Tandberg, with a "minor amount" still outstanding. But he added there is the possibility of continued negotiations.
Exabyte plans to liquidate its operations immediately after the transaction closes, though it’s possible some creditors may decide to litigate the issue.
Most investors already had given up on Exabyte. Even before the deal was announced, the stock had declined to less than 15 cents a share.
Beavers said employees were informed of the sale Wednesday morning, but it was still early to assess the mood.
He said he believes the sale could make customers more comfortable buying Exabyte tape backup systems, which typically are used by small to medium businesses. "I think resellers should find more confidence (now)," he said. "It’s more of a future than we had."
Posts: 1580 | From: World | Registered: Jul 2006
| IP: Logged |
but--lol--you should *never* judge a play by whether I'm in or not...
some weeks I do only safety plays, another day I do crazzzy chit that I never post about...
on the board, mostly i help with DD...usually, if I post I'm in? I'll post when I'm out...not always, but usually...
My sporadic/weird work cycle is such that I miss obvious plays; my personality is to risk something "just to see what happens"; my work ethic is to keep my tools (capital) out of the rain.
Examples: I posted about the gap-to-be-filled on FHAL (now CSHD) at whatever-decimal-point 13, and was jeered/questioned, etc... When it dropped, I had gotten beeped to a service call. Had I been able to trade when it fell to xx13.5--14? Boom! next uptick? I'm in... and it had a good run from there.
Other hand? I just spent nearly two hours spread over 4-5 weeks getting $400 on a geek play (MLNK/ARGA). Cost me $54 to get $400...but I hadda prove a point...point being? If traders make mistakes? No one sticks up for us, eh? we eat it... yet, when companies/brokers/dealers screw up? ohhhhh, too bad... here, let SEC tell NASD to just go ahead and suspend those buy-in provisions...
well, ha ha ha--got my dough and some buddies' dough, too
anyway, see my point? My risk-tolerance is different, but my message remains:
ALWAYS PROTECT CAPITAL
[ August 30, 2006, 23:01: Message edited by: T e x ]
posted
Its hard to believe that we the shareholders are holding all the shares that traded yesterday. and its even harder to believe that insiders and mm's plan to be left holding the bag. IMO this should bounce, how much and at what the low is is the question
Posts: 316 | Registered: Jun 2006
| IP: Logged |
posted
It's not hard to understand. The insiders are taken care of. As someone in this thread already said they essentially already know how the vote is going to go. Meaning that 51% of the shareholders have been bought off. I smell lawsuit.
Posts: 90 | From: Minneapolis | Registered: Jan 2006
| IP: Logged |