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Strategies & Market Trends : Gorilla and King Portfolio Candidates

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To: Uncle Frank who wrote (28940)	7/26/2000 6:38:22 PM
From: Mike Buckley	Read Replies (1) of 54805

Frank, I'm not waiting to see if you've already got 20 responses. Sorry, everyone. :) If NOK signed up for 3G now, would they avoid having to deal with spinco later on? Yes and no. Spinco is a fully operational wholly owned subsidiary as we speak with its new CEO at the helm. The only difference between Spinco now and post-IPO Spinco is that 90% of it will be owned by Qualcomm instead of 100% of it. That changes about a year from now when shares get transferred to current Qualcomm shareholders, leaving Qualcomm at most a minority position in Spinco. My point is that it will be easier to negotiate a 3G deal during the next year or so while Qualcomm owns a controlling interest in Spinco than later. As a similar example in reverse, remember that Qualcomm's licensing agreement is not with Unicom; it's with Unicom's parent company. I think the ability to motivate companies to sign 3G licenses now is part of the reason Qualcomm is waiting a year to distribute the shares not sold to the public. It creates a certain sense of urgency for the companies that have not signed 3G licenses. --Mike Buckley

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