PSIX up 26.5%, Takeover(?) Message Board

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Technology Stocks : PSIX up 26.5%, Takeover(?)

PSIX 65.77

+3.6%

Dec 11 3:59 PM EST

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To: neko who wrote (85)	5/27/1996 9:43:00 AM
From: Daniel Fisher	of 5650

Neko- Stop the name calling! I am no parasite and my information is not fraudulant. Yes, I am short the stock and have made money twice with it now. Like every great short I have made it started as something I wanted to buy. When I did my homework, I saw this was a great short. I shorted Babysuper Stores at $52 the same way- first I wanted to buy, then I saw the numbers and I decided to short. None of the comments I am seeing discuss the numbers at all. Nor answer any of the questions like... 1. How can you value a stock at much of a premium over assets when they are losing lots of money and the buyer will have to sink lots more into it? 2. Give me just one example of premium paid in a buy-out with any company that had income and cash flow red ink? (please answer this, I really can't think of a single one) 3. If PSIX is so cheap why did UUNT get bought out at 11X revenues and PSIX is now at 21 times already? (UUNT is a much better company with a great deal with MSFT, industry leadership, make money and have great products). 4. How can a Regional Bell or major telephone would ever pay more than $5 or $6 for this stock? (and that would be a big price- $200,000,000 and 10 times revenues) Please respond with numbers not that you know because you're an engineer and you read the newspaper. Great ideas don't come from the newspaper (maybe read the 10k). You have told us you're long IOMG and I congratulate you. But don't assume everything deserves IOMG's multiple or for that matter the Dow would be 50,000 today (just a guess it's probobly higher if you do the math). You guys really should look at the numbers here instead of throwing darts at me and telling great you think their service is. I thought Babysuper Stores had a great store, but it was a great short. If you were buying the whole business (or any business) would you ever pay 30 or 40 times revenues for a company which is not making money, will require more money and is in a tough business? They have no patents or their own technology. They are not even close to being the leaders. By the way has anyone used any of their access products like Pipeline and Interwramp. I did and I thought they were very bad (remember I wanted to buy it first). Good luck to you all, but I am very comfortable with the numbers and recommend you look beyond the hype.

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