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Post# of 54376
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timhyma

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timhyma

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Re: Ruellit post# 1433

Wednesday, 04/24/2002 5:58:35 AM

Wednesday, April 24, 2002 5:58:35 AM

Post# of 54376
Muell- On GMGC. I don't like it. Lots of preffered stock out there from what I'm reading. This tends to turn me off, when companies are in trouble.
May want to listen to the CC-The company will also hold a conference call to discuss the results at 1:30 p.m. PDT.
- Today- SUNNYVALE, Calif., April 10 /PRNewswire-FirstCall/ -- General Magic, Inc. (Nasdaq: GMGC - news), a pioneer in voice infrastructure software, will announce its first quarter 2002 earnings on Wednesday, April 24, 2002.


For the fiscal year ended 12/31/01, revenues fell 47% to $5.6 million. Net loss applicable to Common fell 37% to $27.2 million. Results reflect reduced revenues associated with the initial development of OnStar Virtual Advisor, offset by cost reductions associated with the discontinuation of the myTalk service and the absence of a $7.4 million preferred stock charge.

They filed an S-8 on 1 April- Any idea on the terms?
We refer to the registration statement on Form S-8 ("Registration Statement"), under the Securities Act of 1933, as amended (the "Securities Act") to be filed by General Magic, Inc., a Delaware corporation (the "Company"), with respect to the proposed offering by the Company of up to 250,000 shares (the "Shares") of the common stock of the Company, $0.001 par value per share (the "Common Stock"), which are subject to issuance by the Company under certain nonplan stock option agreements which are incorporated by reference as Exhibits
4.19 and 4.20 of the Registration Statement (collectively, the "Plan").

We have examined the originals or certified copies of such corporate records, certificates of officers of the Company and/or public officials and such other documents and have made such other factual and legal investigations as we have deemed relevant and necessary as the basis for the opinions set forth below. In such examination, we have assumed the genuineness of all signatures, the authenticity of all documents submitted to us as originals, the conformity to original documents of all documents submitted to us as certified or photostatic copies and the authenticity of the originals of such copies.

Based on our examination mentioned above, subject to the assumptions stated above and relying on the statements of fact contained in the documents that we have examined, we are of the opinion that the issuance by the Company of the Shares has been duly authorized and when (a) the Registration Statement has become effective under the Securities Act, (b) the Company delivers a prospectus to Mark Philips containing the information required by Part I of Form S-8 and otherwise meeting the requirements of Section 10 of the Securities Act, and (c) the Shares

Nonqualified Stock Option Agreement between the Company and Mark
Phillips granted September 5, 2001 is incorporated herein by
reference to Exhibit 10.39 to the Company's Report on Form 10-K
filed with the Securities and Exchange Commission on April 1, 2002


Chart looks weak to me.
http://www.askresearch.com/cgi-bin/chart?symbol=gmgc&country=USA&size=640x480&months=6+m...

All the indicators are turning south, so should test the low of .19 again. If youo beleive in the technology, may be worth throwing a buck or two into and see where it is a year or two down the road. My gut feeling is this one is not going far, FWIW.





Small Cap plays: #board-865
Big Board plays: #board-711

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