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Jawad,
The problem with understanding what is going on is the news reports, one
says AT&T bought the assets, the other says AT&T bought the company. So,
its still halted, and everyone is waiting to see the out come. Nasdaq has
even asked for a report of what is going on. There are a lot of people out
there who got burnt with this stock. One of the biggest was Fidelity
Select Telecommunications fund, they bought 2.1 million shares on Monday (
investors business daily newspaper). Money Flow for this stock was very
positive, on avg. + 1million per day for the last 4 trading days. This
caught everyone off guard, the news came out after the close. I said
goodbye with the money I had in it, $1400. only had 500 shares. But
still hoping for a positive out come.
Trade Well,
Joe Frabosilio
jawad wrote:
> First of all, hi everybody. If you are wondering how i am out of
> school so early, it is because i just took my AP government and AP
> physics tests, so i got out of school early. As some of you may know
> i bought SMTK @ 1 1/4 about 1 week ago. At one point i had made about
> a 150% return, and then the market took it back. It is now down to
> about a 50% return. Now, the trading of that stock has been halted.
> The news report i have are here, please take a look at them. Please
> tell me what they mean. Will i lose all my money or will i make upto
> 6.97 per share? I think it is the latter; however, i have heard
> different. I had perviously stated i thought the stock was going up
> to 10; i think i may be pretty close. Unless of course this means i
> will lose all my money. Please give my your opinion about this matter.
> Thanks
> Jawad
> Here is the news.
> 01/19 17:05 SmarTalk Signs Definitive Sale
> Agreement with AT&T <T.N><SMTK.O>
>
> SmarTalk Signs Definitive Sale Agreement with AT&T
>
> DUBLIN, Ohio and NEW YORK, Jan. 19 /PRNewswire/ --
> SmarTalk TeleServices, Inc. (Nasdaq: SMTK) announced today that it has
> signed a definitive agreement to sell substantially all of its assets
> to AT&T (NYSE: T)for up to $192.5 million in cash, subject to downward
> adjustment at closing. Separately today, SmarTalk has commenced a
> Chapter 11 reorganization
> case in the United States Bankruptcy Court, District of Delaware.
>
> AT&T said SmarTalk's assets will enable it to expand its prepaid card
> retail distribution capability.
> The boards of directors of both AT&T and SmarTalk have approved the
> transaction. The companies expect the transaction to close in the
> first quarter of 1999, prior to the conclusion of the bankruptcy
> proceedings. The transaction is subject to bankruptcy court and
> regulatory approval and certain other conditions.
>
> At signing, AT&T has made debtor-in-possession financing immediately
> available to SmarTalk.
>
> SmarTalk's Chief Executive Officer Erich Spangenberg said, "The Board
> determined that this transaction provides the best means for insuring
> uninterrupted prepaid calling card service to its customers, retailers
> and distributors and maximizes the value of its corporate assets."
>
> SmarTalk was advised on the transaction by Salomon Smith Barney,
> Credit Suisse First Boston and Hennigan, Mercer & Bennett. AT&T was
> advised by TD Securities, a subsidiary of Toronto Dominion Bank, and
> Wachtell, Lipton,
> Rosen & Katz.
>
> SmarTalk is a leading provider of prepaid calling cards and prepaid
> wireless services. Based in Dublin, OH, SmarTalk maintains
> distribution agreements with the U.S. Postal Service and leading mass
> merchandisers, consumer electronics retailers, supermarkets, hotels,
> home office superstores and convenience stores throughout North
> America and the U.K.
>
> AT&T is the world's premier communications and information services
> company, serving more than 90 million customers, including consumers,
> businesses and government. The company has annual revenues of more
> than $52 billion and 119,000 employees. It runs the world's largest,
> most sophisticated communications network and is the leading provider
> of long-
> distance and wireless services. AT&T operates in more than 200
> countries and territories around the world. SOURCE AT&T Corp.
>
> -0- 01/19/99
>
> 01/20 10:54 Nasdaq Changes Status of Trading Halt
> in Smartalk Teleservices
> And <SMTK.O>
>
> Nasdaq Changes Status of Trading Halt in Smartalk
> Teleservices
>
> And Requests Additional Information from Company
>
> WASHINGTON, Jan. 20 /PRNewswire/ -- The Nasdaq Stock
> Market(SM)
> announced today that the trading halt status in
> Smartalk Teleservices
> ("SMTK") was changed to "additional information
> requested" from the
> company. Trading in Smartalk Teleservices ("SMTK")
> had been halted on
> January 19, 1999 at 4:14 p.m. for News Pending at a
> last sale price of 1
> 29/32. Trading will remain halted until Smartalk
> Teleservices ("SMTK") has
> fully satisfied Nasdaq's request for additional
> information.
>
> Since its debut as the world's first electronic
> stock market, The Nasdaq
> Stock Market has been at the forefront of
> innovation, using technology to
> bring millions of investors together with the
> world's leading companies. It is
> among the world's best regulated stock markets,
> employing the industry's
> most sophisticated surveillance systems and
> regulatory specialists to ensure
> investor protection and a fair and competitive
> trading environment.
>
> _________________________________________________________
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