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Technology Stocks : CDRD (CD Radio)

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To: TMann who wrote (7)	3/14/1997 3:47:00 PM
From: david smith	of 904

I believe that I saw it in a press release from the company about two months ago. The news was that they had secured 50 plus million in a line of credit to prepare for the auction and that they also had other financing on line. I will look for the press release and post it but this is public news and the company should confirm it for you if you just give them a call and ask. You are right about the fact that Hughes is behind a competetive bid, so I guess we have to assume that they will be one of the two winners if they decide they want it bad enough although SKYC has not been a very good investment for them this far and they may consider other options here wich could involve cdrd. Since the other two bidders are just consultants who were smart enough to file for the auction, I am not sure how much money they will be able to get behind them for the auction. If I had 50-100 million to throw into this auction I think I would be much more interested in getting involved with one of the two bona fide applicants. What I really think will happen is that some deal will be struck so everyone wins. Hopefully that will include us!!!

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