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Technology Stocks : SOFTKEY=MERGER MANIA

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To: Hao Xu who wrote (934)	3/19/1997 4:13:00 PM
From: Obewon	of 966

Read the story. msnbc.com Pretty good synopsis of past mistakes. Unfortunately it fails to take into account that the company is profitable operationally. By his account the shares would be worth nothing since the company has negative net worth if goodwill were removed. While the debt and goodwill taken on were excessive, think about what would have happened without Softkey's acquisitions. You can't tell me that Calender Creator would have propelled the company any higher. The company need new titles and its ability to generate them in house was limited. Finally, while goodwill does need to be written down, TLC is doing it agressively (faster than required). What is the value of buying the premium brand name in the education software industry? This intangible asset is often lumped into goodwill even though it has value. Obewon

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