Meeting Minutes

3.19.2000


Attendees: Nicholas Sarwark, Derek Pomery, Sabre Chase, Leroy Cain, Esther Whieldon, Joel Schander, John Knapo, Jacob Aaronson, Gerald McClurg
19:50 - 21:45 March 19, 2000
Scheduled Business (19:50 - 21:00)

Financial Partner's Report
The Financial Partner spoke about three major issues:

  1. Employer Identification Number (EIN). We now have an EIN.
  2. Bank Account. We do not yet have a bank account. The Provident Bank that was mentioned in the emails is in Ohio, not Maryland. The voting was 5 to 4 against going with Provident. The resolution was to research Sandy Spring Bank, and Salomon Smith Barney before making a final decision. The final decison was to be decided by online voting at the end of the upcoming week.
  3. Brokerage (Suretrade) Account. Everyone needs to sign a form for Suretrade allowing Joel to take actions on behalf of the club. Most all members signed, with the absent members to sign by the end of the week.
The plans for the month are to get a bank account, deposit member's checks, and open a Suretrade account.

Bylaws
The following bylaws were put to a vote and approved:

  1. Officers of the club will be elected every six (6) months or when a two thirds (2/3) majority of members request that a new officer be elected, or when an acting officer leaves the club.
  2. Club dues are twenty-five dollars ($25) monthly to be paid at each meeting. Dues arriving later than three (3) days after the meeting will be posted the next month.
  3. All stock trades made will be market orders unless otherwise chosen by majority vote of partners.
  4. If a partner misses two (2) consecutive meetings, a written warning will be issued to them. A partner will be expelled from the club after four (4) consecutive absences. This expulsion can be waived by a majority vote of the partners.
  5. If a member fails to pay their dues for two (2) consecutive months, a written warning will be issued to them. A partner will be expelled if they fail to pay their dues for four (4) consecutive months. This expulsion can be waived by a majority vote of the partners.
  6. In order to conduct club business, a quorum of more than one half (1/2) of the members need to be present.
  7. Proxy voting will be allowed.
SBC Communications (SBC) - Esther Whieldon
SBC's went up to approximately 45 since we looked at it last.

Cohesion Technologies (CSON) - Leroy Cain
Leroy recapped the information presented last time, and added some more info. That info is posted on his website at http://www.cs.cuc.edu/~lcain/investing.cson.html .

The stock was chosen as a buy, with voting 8 for, 0 against, and 0 needing more info.

Viro Pharma (VPHM) - Derek Pomery
This stock is trading at around 77. Derek will research for next meeting.

Metricom (MCOM) - John Knapo
Metricom is a digital mobile communication company. Their new R2 service, which will offer 128 kbps wireless Internet access, is due to be available by the end of the summer.

John also noticed that the price was dropping, without any obvious reason.

The voting was unanimous to keep watching MCOM.