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Technology Stocks : Softbank Group Corp

SFTBY 70.44

-3.2%

Nov 7 9:30 AM EST

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To: Sir Francis Drake who wrote (4490)	3/17/2000 2:24:00 AM
From: Edwin S. Fujinaka	Read Replies (1) of 6018

Morgan's article in the Economist was actually a series of questions without many of the answers. I have actually asked myself some of these questions in the past and I continue to look for answers. I think that any actual debt being carried in Japan is probably at favorable interests rates so that being able to borrow in Japan is a competitive plus for Softbank. The problem of possible taxes may not be an issue if Softbank uses it's stock as a currency to buy other companies. The strategy of buying more old line companies with actual earnings and cash flow may be a possible partial way out. The IPO for Divine Interventures (DVIN) scheduled for later this month (or possibly early April) may impact the tax question since they seem to believe that a political/legal solution to the tax question can be created. DVIN is politically very well connected so their solution to the tax questions may also help Softbank (Their businesses seem to be similar). CMGI, Microsoft and Dell have taken positions in DVIN in advance of the IPO so I expect that DVIN will come up with a solution to the tax problem that is central to their success. We'll see.

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