BACKDOOR, an IPO> IDTC,BRKT,BNYN,KLOC,NAVR Message Board

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Technology Stocks : BACKDOOR, an IPO> IDTC,BRKT,BNYN,KLOC,NAVR

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To: Brian who wrote (873)	9/16/1999 5:55:00 PM
From: Glenn Petersen	Read Replies (1) of 954

According to its most recent Form 10-Q, FIBR had 10,377,016 fully diluted shares outstanding. Net of the underwriters commissions, they netted $13.02 MM in cash, or $1.25 per share. Their 8.0 MM shares of NSIL have a gross value of $102.0 MM. Discount that amount by 40% for tax and liquidity reasons, and you have $61.2 MM, or $5.90 per share. Subtract the $5.90 and the $1.25 from 9 11/16, today's closing price for FIBR, and the rest of FIBR is being valued at $2.54. The market is not according much respect to FIBR. It either thinks that NSIL will sell off or that the remainder of FIBR should be valued close to its 52 week low of 1 7/8. Good luck.

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