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

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To: Ken Whiteside who wrote (893)	10/19/1999 8:44:00 AM
From: Glenn Petersen	Read Replies (1) of 954

MMWW should pop this morning. Its wholly-owned Xpedior (XPDR) subsidiary has filed an S-1 which discloses that MMWW will be distributing its remaining holdings to its shareholders sometime in the year 2000. MMWW has 34,239,398 shares outstanding as of June 30, 1999 and will own 41,285,295 shares of XPDR subsequent to the IPO. The IPO has been initially priced in a range of $13 to $15 per share. If you assume a modest pop to $20 per share, MMWW's holdings will have a value of approximately of $825.7 MM. Discount that by 40% for tax and liquidity considerations and you have a value of approximately $495.4 MM, or $14.47 per MMWW share. MMWW closed at 16 1/16 on Monday.

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