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 Technology Stocks | ITEX is a Great Buy at under $6


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To: Chris who wrote (84)7/18/1997 4:55:00 PM
From: Gerald A. Lucker
   of 623
 
Chris: Did you or anyone hear how the litigation (Court Hearings)
went on July 17th? ITEX filed an action in the circuit court against L. French and Linda French and AlphaNet Inc., The complaint is for
Breach of Contract and Action on Guaranty and seeks a total of
$89,726 on three claims. The defendants filed a counterclaim for
$5.5 million

The court date was yesterday and so far I havn't heard a thing.
One would think ITEX would keep us better informed!

Jerry

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To: Gerald A. Lucker who wrote (86)7/20/1997 2:42:00 PM
From: Les French
   of 623
 
Dear Gerald,

I am the "Les L. French" of the lawsuit you referenced. I can respond to your message generally, but must avoid certain specifics while the litigation is in progress.

After a court appearance before Judge Dorothy Baker, at which time I was representing myself pro se, and ITEX by its in-house counsel, it was decided by ITEX' insurance company that ITEX would require outside counsel experienced in litigation (there are counter claims). I responded by also hiring outside counsel. Both sides have requested delays in the trial date for further preparation for trial.

In the meantime, the French's affiliated company, William Bradford Financial Services, Inc. has a shareholder-related lawsuit against ITEX and its auditors in Washington County, alleging fraud by ITEX, its principals, and officers. That lawsuit pertains to the false and misleading statements perpetuated by ITEX on its press releases and 10K's.

Very kind regards,

Les

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To: Chris who wrote (82)7/20/1997 2:54:00 PM
From: Les French
   of 623
 
Dear Chris,

On July 14, 1997, you asked why the price of ITEX fell to $3. It appears to me that you did not see the front-page business section article which appeared in the Sunday, July 13 Portland Oregonian newspaper.

I have copied the article to the message board on the Motley Fool at www.fool.com (go to ITEX messages) if you are interested.

The other event that ocurred on July 13th was that the now famous "Fabretti Letter" was leaked out on AOL, after a copy of the document had first been shown to ITEX' CFO. In "The Fabretti Letter", the author, Clyde Fabretti, acknowledges wrong-doing on the part of the previous administration of ITEX, and that the ART portfolio, and the "available for sale securities" are garbage stocks. The letter gives the appearance of a cover up. The letter can be read on the AOL Motley Fool message board.

Best regards,

Les French

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To: Les French who wrote (87)7/20/1997 7:08:00 PM
From: Gerald A. Lucker
   of 623
 
Dear Les,

Thanks for the post. Can you give us an approximate date for the
trial date.

I would love to wish you good luck, However, as I have 5,000 shares
of ITEX - your good luck would be my misfortune.

Thanks again,

Best Regards,

Jerry

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To: Gerald A. Lucker who wrote (89)7/21/1997 2:26:00 PM
From: Les French
   of 623
 
Jerry,

Only 5,000 shares? I once held over 200,000 shares. But now the only "big" shareholders are the management who gave themselves massive options. And most of them have cashed in. According to a recent Form 4, CEO Norris only holds about 68,000 shares, and that is AFTER you add in the 10,000 he recently purchased.

The trial is now set for September 19. If Itex does not post the results, I will come back and let you know.

BTW, I do consider myself as an advocate for the shareholders. I am hoping that we all do well. My concerns are with the present management and their policies.

Best wishes,

Les

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To: Les French who wrote (90)7/22/1997 12:03:00 PM
From: Chris
   of 623
 
How exactly do you want to help the share price? Posting negative information about ITEX most likely will bring the price down.

If you have constructive suggestions how to imprive the situation with the share price please post them here. Let us discuss.

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To: Chris who wrote (91)7/24/1997 2:58:00 AM
From: Les French
   of 623
 
Chris, I believe the share price will improve once investor confidence is retored in ITEX' fiscal reporting policies. As an example of this statement, notice that ITEX Corp.'s Q's & K's, while displaying "incredible growth" in revenue and earnings, have had zero impact in the stock price. Investors simply lack confidence in the reporting policies of this company.

I personally disagree with those who believe the litigation issues are the major factor in the price of ITEX.

Best,

Les

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To: Les French who wrote (92)7/24/1997 11:56:00 AM
From: Frank Gaertner
   of 623
 
I'm being hit daily with numerous unsolicited E-Mail reports that describe ITEX as a scam. They claim that it is a money laundering ponzi scheme that is exchanging trade dollars for worthless companies. Does anyone know who and/or what is behind this campaign? Obiously someone wants me to sell my shares. Somehow I don't believe the motives are altruistic. I'm also sure that I am not the only one that is the recipient of this campaign. If I thought a stock was a bad investment, I would sell it. I wouldn't waste my time playing the part of the codependent who must find a way to save everyone else,ie, unless I had another motive. Is E-Mail spam a new way for short sellers to talk a stock down? Why not? It would be easy to do once you have a list of investors. This brave new world of ours has all sorts of interesting pitfalls. If anyone knows what gives here, I'd like to hear about it.

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To: Frank Gaertner who wrote (93)7/25/1997 7:49:00 PM
From: Les French
   of 623
 
Dear Frank,
Did you want me to answer you publicly here on the board, or by private e-mail? I can probably identify the sender(s) if you give me their addresses. I think I get the same mail. If it is who I think, then you are correct, there are ulterior motives, but not for the reasons you might think.

Speaking of using e-mail as a way for shorters to talk a stock down, how would you feel if officers and employees of a certain company came online posing as unrelated third-party investors who just "accidentally" stumbled across a stock (which is THAT company's stock) and found out "what a great deal it is" so they are recommending it to you? So you see, the internet works both ways. I've seen it a dozen times.

Why don't you just tell them to BUG OFF!!!?

Best regards,

Les

PS: BTW, the part about "exchange trade dollars for worthless companies" was the subject of the July 13 Oregonian news article. A related article is the June 11 Wall Street Journal (see "stock scam").

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To: Les French who wrote (92)8/24/1997 4:15:00 PM
From: Chris
   of 623
 
Already a month without any interest in ITEX . No remarks, no change in price, no emotions. What a life!

Is it already dead? Is the management in coma?

If this discussion is followed by somebody in the management, I would like to invite this person to comment on the situation.

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