BACKDOOR, an IPO> IDTC,BRKT,BNYN,KLOC,NAVR Message Board

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Technology Stocks : BACKDOOR, an IPO> IDTC,BRKT,BNYN,KLOC,NAVR

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To: flyboy who wrote (897)	11/5/1999 11:49:00 AM
From: Glenn Petersen	of 954

BNYN had 24,307,378 shares outstanding as of June 30, 1999. BNYN holds 9,743,261 shares of SWBD, which represents a 56.1% pre-IPO position. While the deal has not been priced yet, SWBD has indicated that they intend to raise $60.0 MM. Assume 4.0 MM shares at $15 per share. The 4.0 MM shares would equal approximately 18.7% of the company. At the IPO price, BNYN's position in SWBD would be valued at $146.15 MM. Discount that number by 40% for tax and liquidity issues and you are left with $87.69 MM, or $3.61 per share.

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