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Technology Stocks : Newbridge Networks

NN 11.97

+5.3%

3:59 PM EST

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To: Michael M who wrote (14625)	11/16/1999 8:34:00 PM
From: pat mudge	Read Replies (3) of 18016

Worst case - If NN doesn't get a standing O on Thursday, it hangs around in the high teens for the better part of six months. It remains an interesting takeover candidate. Good case - TM says ALL the right things. NN slowly makes its way back to mid to high twenties. Best case - Takeover. Instant gratification and lots of it. A long position looks better to me than a short position from both a risk and reward perspective right now. I can't think of any scenario that would warrant a standing ovation short of the company being acquired. As for what TM might say, words have lost their value. Promises mean nothing. He'll have to announce completed actions where possible and be absolutely candid when confronted with serious concerns. * Lost market share in US. What exactly does this mean and is the bleeding just beginning? Why have shipments of 170s slowed? Were orders postponed or cancelled? * Status of 50/320/450 --- including who's testing and when, who's buying and when, cost of program and how it'll be funded, impact on customers if shipping dates aren't met. * Status of LMDS and 3dSL and timing of revenues. * Employee count. Who's leaving and why. Who's being laid off and why. Costs involved. * Status of M&A. Is anyone looking at NN as a whole? If not, will any of the parts be sold or changed in any way? What is likely affect on current customers. * Have any offers been rejected? If so, why? * Status of affiliates. Are any at risk without NN's backing? What guarantees have been signed? What alternatives are being considered? The time for rhetoric is past. The time for placing blame is past. The time for misplaced pride is past. If living on former glory means ignoring the cold facts of where the company is and how and in what form it's going to survive then it's time to re-evaluate. Theories bandied about by journalists too lazy to ferret out even a modicum of truth have hurt the company. Half truths are worse than lies --- whether from the Chairman or President or VP of Corporate Communications. It's time to wake up and stop pretending the problems are small and time to refuse easy answers from anyone wanting us to believe they are. Sorry to be so blunt but I'm tired of people being hurt because a band of full grown adults is making bad decisions based on dubious motives. I hope the board of directors is listening because when all is said and done that's where the buck stops. The kind of courage that's required has nothing to do with nationality and a lot to do with who we are when the lights go down and the music stops. The next few days will tell a lot. Pat

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