How about using your insider stooges and country club buddies and
doing the same? I no longer talk to anyone at big companies. If it ain't public I don't want it. This boy don't want 'tainted' winnings!
(As to arguing with Dipy, you have no idea what his portfolio risk profile is. So giving him a hard time is pretty useless. It is not only about returns it is also about risk. Ben Graham would use his 'margin of safety' concept here. Dipy's exchanging returns (possible returns) for lower risk. Nothing wrong here. It is always risk-adjusted returns that count. So all the tomfoolery by you was just that.)
-- ending song: Repeat 6 --
'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: abilitly 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.'
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