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Technology Stocks : Qualcomm Moderated Thread - please read rules before posting

QCOM 177.78

-2.2%

Jan 9 9:30 AM EST

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To: q1000 who wrote (26807)	9/16/2002 4:29:11 PM
From: slacker711	Read Replies (2) of 197157

I would assume that there is only $15 million or so of interest accrued since June 30th. I suspect that a big portion of the increase from the June 30th number are advances that Qualcomm has made over the past 75 days to keep Pegaso in business. I have not checked to see whether the number might included interest for prior periods which Qualcomm may have reflected in the cash investment number. You may be right....I didnt realize that Qualcomm may have funded Pegaso within the last two months. Here is what the most recent 10Q has to say. edgar-online.com As a result of a series of agreements signed on January 16, 2002 by and among Pegaso’s owners and lenders, including us, we agreed to provide $65 million of interim financing to Pegaso, including $5 million in capitalized fees. At June 30, 2002, all $65 million of this interim financing was outstanding. A Pegaso shareholder purchased a $25 million participation from us in this financing. In April 2002, Telefonica Moviles agreed to acquire a 65% controlling interest in Pegaso. The closing of this transaction is dependent on the satisfaction of certain requirements. Regulatory approvals for the sale transaction to Telefonica Moviles have been obtained from COFECO (the Comisión Federal de Competencia of Mexico) with respect to antitrust matters and from CNIE (the Comisión Nacional de Inversiones Extranjeras of Mexico) with regard to foreign ownership matters. Proceedings before COFETEL (the Comisión Federal de Telecomunicaciones of Mexico) and SCT (the Secretaría de Comunicaciones y Transportes of Mexico), the Mexican telecommunications authorities, are still pending. In connection with this acquisition agreement, the interim financing agreement was amended and restated to provide for additional interim financing of up to $140 million to Pegaso on substantially similar terms as the $65 million of initial interim financing. A Pegaso shareholder has committed to purchase a participation of up to $35 million of the first $100 million of this additional interim financing. At June 30, 2002, $24 million of this additional interim financing was outstanding, of which $9 million was purchased as a participation by the Pegaso shareholder. So....they may have lent another $116 million (minus some amount by the outside lender) during the last 2 months. This may represent some of the gap between the QSI breakdown and the reported repayment. Hopefully, the rest represents interest. It would be nice if GAAP and pro-forma earnings were somewhere close to alignment....even if it is only for one quarter. Slacker

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