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Magnetek Inc. Message Board

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  • magconcerned magconcerned Nov 22, 2003 9:56 PM Flag


    No one will purchase this company. Fundamentals are terrible and the chairman is an obstacle to any type of takeover. How many quarters have passed since they last made a profit (exclude the retiree health care accounting change) and they will not make a profit this year. Have you seen the most recent proxy? Chairman was provided 500,000 options for non-performance. Not sure about this but it appears that he has never purchased one share of stock, his holdings were all provided to him in the form of options. Conference calls are comical, the finance guy appears knowledgeable and straightforward, R&D manager tells the same story over and over, great products, new technology -- never any profits. He (chairman) has the "bod" in his pocket and they are puppets at best. Invest your money elsewhere!

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    • Proxy statement shows Galef received 160,000 options last year. I also note that he purchased 62,500 shares in open market transactions within the last 12 months. If you are going to bash the company, at least get your facts straight. However your posts consistently look to the negative, so I doubt you will spend the effort to understand what current opportunities this company may have. Those of us who are shareholders do.

    • outlook good.sold original position and bought back half a little lower on present weakness which has been caused by market at this time of year. will try to purchase balance on weakness before end of year if possible.i expect to make 30 to 40 % in may have a good story to tell in near term.its about time this happens.

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