John:
If someone attacks me I will fight back. What you call boorish I call self-defense. The rationale is simple - I speak freely and nicely most of the time; in the 1% of cases where you say something that attacks me personally IN PUBLIC then I have a right to retaliate. What you call boorish I call fair play.
No I am still informative - my embarrassingly large returns tell me so. Here let me throw in a <g> to make sure that this is not seen in any other light.
And another <g>.
Many of the so-called investors are in an ugly mood because the nets are busted (at least for now). You will see that the multiple exclamation points, the whimsical good naturedness will all come back when the nets come back. I am unaffected by the nets except that when sanity prevails my returns go up. And I guess this means that I am affected by the nets in a contrarian sense. Here's another <g>.
Acerbic? No!
<g> Yes!
-- ending song: Repeat 21--
'The base revenues for LSI were $1.85 billion in 1998. Except for a IPR&D accounting
writeoff (bogus), the Symbios assets that LSI bought were not subsequently written off.
What did take place was a $5.4 million Symbios Integration Accrual. Per the 10-K,
page 42, this accrual comprised '$4 million related to involuntary separation and
relocation benefits for approximately 300 Symbios positions and $1.4 million in other
exit costs primarily relating to the closing of Symbios sales offices and the termination of
certain contractual relationships.' Therefore it appears that the $75 mil restructuring
charge taken later was for the 'old LSI' and has very little negative bearing on Symbios
continuing operations. LSI valued Symbios at a fair value of $804 million - $324 million
for tangible assets, $214 million for current technology, $37 million for assembled
workforce and trademarks, $83 million for goodwill, and $146 million for IPR&D (this
part was written off). In this context, $5.4 million is puny and irrelevant. Symbios' assets
(read: ability to generate revenue) only strengthened after integration with LSI. They did
not weaken. Further, LSI has not indicated that they discontinued anything significant in
the Symbios product line. Because they used purchase accounting (versus pooling) LSI
can't use pro-forma Q1, Q2, Q3 or
full-year 1998 numbers going forward. It is NOT because, as Jock mumbles
grandiosely: "It would be a terrible disservice to the company, shareholders, and the
public in general.". Give me a freakin' break.'
--- |
