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Technology Stocks : Compaq
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To: Jim McMannis who wrote (77464)2/4/2000 1:16:00 PM
From: Andreas   of 97611
 
To Jim McMannis;

I guess it depends on the definition of a "spin off". And let me also state the caveat that I am not familiar with the intricacies of the cmgi "spin-off" (how it is to be structured and who will get the cash). If you are I would be very interested in knowing the details. In any event, as you know, cpq sold 87% of AV to cmgi. The benefit of that transaction on the cpq side went directly to cpq in the form of cpq getting 17% of total cmgi stock. There was no immediate benefit to cpq shareholders and that of course is your complaint (a reasonable one I might add). Now CMGI is "spinning off" av by selling (er - giving away) av to newco which will then do an ipo. Are the proceeds from the cmgi ipo going to cmgi shareholders or to cmgi? If the ipo cash ends up on the balance of cmgi then the so-called cmgi "spinb-off" is no different than the cpq "spin-off.
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