There Is ITG News To Digest On RB...
* It appears Concentric is buying ITG
* The remaining non-ISP assets (which include "our" 25%-owned JV GlobalWave) will be referred to as Red Wave.
* Red Wave will be Jan Murray's new toy... or so it appears. This is a good thing.
* I GATHER, and this is not writ in stone, that Red Wave will eventually float stock.
* If SDR's memory is correct (and I think it is), Wave still has $1 million unexercised warrants in ITG with a strike price, I think, ABOVE what Concentric paid for ITG. I maybe wrong here.
* All of this is good news. Seen in the light of the recent KiSS Nordic and Lego and EOL announcements, I think Red Wave will focus on closing more such deals. Jan Murray's ongoing association with this "new" venture is a positive.
* This is all preliminary... and my interpretation could be wrong. But, it seems that ITG as an ISP was a commoditized business. What with the advent of so many free ISPs and AOL's entry into the UK, the
"to-zero" pressures were mounting. Now, Murray and Crew can focus on something with tremendous upside potential... as evidenced in the KiSS, EOL, and Lego announcement.
* Now, what about that name Red Wave? Are we so far along in our post-Cold-war world that such a thing no longer causes chills in the bones of small-d democrats everywhere? I mean, why didn't they at least consider the name "Amber Wave"?
FWIW... which, I grant you, ain't much...
c m
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