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Financial Observer: The Latest Rip-offs From Dot-Com Land

Feb 19, 2000, 07:02 (9 Talkback[s])
(Other stories by Christopher Byron)

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"There are countless dot-com companies... struggling to stave off collapse by destroying the only real currency they've got: their own stock."

"One of the most cynical deals recently involves the merger of two software companies trying to cash in on the Linux operating system craze: Inc. of Acton, Mass., and VA Linux Systems Inc. of Sunnyvale, Calif.-which went public within 24 hours of each other back in early December. Less than eight weeks later, on Feb. 3, the two companies announced a stock-for-stock merger..."

"As for investors in VA Linux, they are getting hosed... the only really valuable asset ever had-its cash from the I.P.O.-was creamed off by the company's insiders almost the very instant they got their hands on it, leaving VA Linux's shareholders to face a 100 percent increase in the float of their own stock for the privilege of winding up with the worthless trash that the bunch dumped at the very first opportunity."

Complete story. (From 2/21/00 Issue of the New York Observer. Link only good till next week's issue -- lt ed)

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