I spoke with VVTV investor relations in January of this year. At that time I was told that it was anticipated the proxy would be mailed out to shareholders in the second half of February. Here it is the second half of March and there is still no word on the proxy being mailed . Once the proxy is mailed out the companies have promised a road show to tout the merger. I believe that this process would take anywhere from 4 - 6 weeks. This would mean that the soonest a vote could realistically occur would be in May.
This is very good news to VVTV shareholders because NM�s 3/31/98 financial statements should now be out prior to any vote taking place.
The CEO�s of both VVTV and NM made some very bold claims as to the improving prospects of NM. They unequivocally stated that these results would be tangible in the 3/31/98 financial statements. Specifically, they stated that NM would have positive cash flow from operations for the quarter.
Well what more could we want than independent evidence as to the veracity of these projections. Everything should be laid out in black and white prior to the merger vote. Whether management is right or wrong in pursuing this merger should be clear for all to see prior to the vote.
Perhaps we owe the delay to stockholders Blake and Danzis Maybe management is shrewder than we have given them credit for (maybe we simply bought a very expensive stock option). Either way our ability to obtain a true picture of NM�s evolving financial picture prior to voting should put us in the drivers seat in this deal. It would be much easier for VVTV to cough up $7.5 million dollars to get out of the deal than for NM to come up with that kind of money.
As an NM shareholder, and as someone who took you to task for a post on the NM message board(and I do thank you for the apology, although it was not necessary)I totally agree with VVTV share- holders opposed to this merger. Naturally, I'd like to see this merger take place,only because it might bail me out(exactly what VVTV holders are opposed to). One only has to see a company report or balance sheet for NM to be convinced it is a big bark- ing DOG. I must confess I did see company reports and bought it anyway(can't always be sane).In closing, I certainly understand VVTV holders being upset but remember NM shareholders are the real losers no matter what happens.