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Technology Stocks : ANTEC Corp. (ANTC)

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To: Arthur Tang who wrote (659)	9/21/2000 7:23:24 AM
From: Arthur Tang	Read Replies (1) of 847

A personal footnote on the affairs of ATT? When Bob Allen was in charge, the monopoly aspect of ATT does not need a matrix management(which brings cash back to the headquarters from subsidiaries). The revenue from the retail long distance business had such a cash flow that Bell Labs prospered for a long time. When things started to get tough, Vice chair Rick had to spin off all those operations. That was then. Mike Armstrong was IBM sales, then went on to DirectTV, which was not profitable when he left. Armstrong had been raising cash by spinning off tracking stocks. He still does not have a matrix management, so generating cash is the job of the chairman. The question lately on the street is where is the next deal to push the programs Armstrong has to complete? Some of the aquisitions and/or the spinoffs are not totally owned by ATT; then the cash generated can not be used by ATT. This problem is similar to what Viacom/Redstone has with CBS/Infinity Broadcasting; he has to buy out everyone to lay his hand on the cash. So, the question is how long will Armstrong last? Or is matrix management the way to run ATT now?

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