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Technology Stocks : Leap Wireless International (LWIN)
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To: SKIP PAUL who wrote (451)7/25/1999 8:09:00 PM
From: Michael  Read Replies (1) of 2737
 
My friend SKIP PAUL:

10. QUALCOMM's officers and directors hold approximately nine percent
of Leap's equity. Therefore, if the Leap shares held by QUALCOMM and
by QUALCOMM's officers and directors are combined, the combined
holding would equal approximately 23.61 percent of Leap's equity. In
determining QUALCOMM's holdings in Leap, the Warrant provides that
QUALCOMM will calculate the amount of its interest in aggregate with
the interests held in Leap by its officers and directors. Notwithstanding any
other provision of the Warrant, the Warrant precludes QUALCOMM, for
the life of the Warrant, from exercising the Warrant in a manner that would
preclude Leap from qualifying as a PTC with widely disbursed voting power
under the Commission's rules or cause any change in Leap's status as a
"very small business" designated entity under the Commission's rules. Any
such exercise is void ab initio. Because Leap seeks to qualify under the PTC
Exception, QUALCOMM may exercise the Warrant only to the extent that the
combined holdings will not exceed 15 percent of Leap's equity.
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