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Technology Stocks : Newbridge Networks
NN 11.97+5.4%3:59 PM EST
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To: Thomas DeGagne who wrote (14301)11/3/1999 6:43:00 PM
From: Rob Riordan  Read Replies (3) of 18016
 
Thomas, from the cc the shortfall was linked directly to ATM in North America, not TDM as you stated. In fact, TDM came in slightly better than projections. And while ATM did grow year-over-year, shipments in the quarter did not grow sequentially -- that is this quarter over last quarter. Your biggest concern re:the Stanford Telecom deal is unfounded: The stock went down when the deal was announced and probably would go UP if the deal is called off. Worse yet, they could go forward and make up the difference in stock which will significantly dilute already depressed earnings.

Unfortunately I have to agree with Doug and Serge. This company is very poorly managed and they have an awful big hole to dig themselves out of. They made this a make-or-break quarter and they missed it by a mile. Truly a broken stock.

If I cared anything for shareholder value here is what I would do:

1) Spin off Ironbridge to current shareholders and then do an IPO.

2) Pay all cash for Stanford telecom and then spin off the LMDS business to shareholders and then do an IPO. Netro, a pure LMDS play has nowhere near the contracts or products that NN can offer and has a market cap around NN's currently.

3) Take the ATM,TDM and other affiliates and sell it all to Siemens. Or better yet, put it up for sale and see if a bidding war will develop.

Rob
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