Qualcomm Incorporated (QCOM) Message Board

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Technology Stocks : Qualcomm Incorporated (QCOM)

QCOM 171.81

+0.5%

9:53 AM EST

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To: Eric L who wrote (124937)	10/29/2002 5:24:26 PM
From: Stock Farmer	Read Replies (1) of 152472

The resolution pattern has already been established. It goes like this: Qualcomm forms a subsidiary unit in China. Chinese telecommunications firms et. al. pay royalties to this entity. The entity is wrapped in an impenetrable and complex weave of covenants, straps, conditions and provisos which together ensure not one solitary penny leaves China to the benefit of shareholders of the parent, leaving the arrangement to be a net importer of wealth and technological know-how into China. Meanwhile, back at the chicken ranch, by cleverly using the same name "Qualcomm", IJ can confidently and legitimately assure investors that everybody pays royalties to Qualcomm. Even China. Which ends that debate rather nicely. It's not like this same scenario hasn't played out hundreds of times in other industries. Qualcomm is now at Act III Scene 2. Those who have sat through the play a few times will recognize how it ends, but are asked not to spoil it for the newcomers. Perhaps the discussion shouldn't be the binary "will she or won't she", but the quantitative "how much", and more importantly "how much per share that we can eventually get our grubby mitts on will this all add up to?" If you never get your mitts on it, it might as well not have existed. Or, more likely, never did. John

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