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Non-Tech : Ingram Micro

IM 38.89

0.0%

Dec 13 4:00 PM EST

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To: Dale Stempson who wrote (460)	1/23/2000 11:11:00 PM
From: E_K_S	Read Replies (2) of 576

Hi Dale - If you study all the other Internet business ventures Softbank is involved with, you will come to the conclusion that IM will eventually be a key component in Softbank's vision for developing a vertically integrated E-Commerce BtoB (Business-to-Business) and CtoB (Consumer-to-Business) franchise. IM is ripe for restructuring for example (1) spinning off its book division and (2) creating an internet fulfillment company that can be offered as an IPO early next year. From my understanding, Softbank has investments ranging from E-Trade to "dark-fibre" private networks, technical computer publications and even tradeshow event hosting activities. One of the "key" areas that Softbank is developing in the Asia Pacific region (including Japan, Korea, Singapore etc.)is a "black-fibre" private network that connects to the West coast U.S.. This virtural private network will be the building block for B-to-B commerce between U.S. and Asia. Initially you will see leasing of bandwidth (similar to what Enron is doing now) for IP telephone. Eventually, I believe Softbank will build some type of business that utilize this asset to deliver BtoB commerce solutions that utilize the actual brick & morter facilities of IM located around the world. The key item to focus on is the selection of the new CEO for IM. If he/she has any ties with Softbank, experience in inventory fulfillment or the package delivery industry (i.e. UPS, or Fed-express), or experience in the component build-to-order business (i.e. companies like Solectron) will be a significant plus showing that IM is building its company to follow a B-to-B E-Commerce business model. Book value for IM is about $8.50/share depending on how you calculate goodwill. In any case, it appears to me that IM is an excellent asset to mold to capitalize on the new growth of B-to-B E-Commerce. This is one reason why I continue to accumulate shares at these levels. EKS

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