So now NEC and AMAT have MORI licenses. I suppose LRCX will probably also license it. That will give them enough operating capital for another quarter or two. They still have $86m in subordinated notes and no cash or sales. To me, having licensed to AMAT decreases their value to LRCX as an acquisition. They also licensed forcefill to AMAT, so that leaves them with flowfill/flowfill low, which is not revenue producing yet, and big debt. To me the problems are postponed, but not gone.
PMAT paid something like $180 million for Electrotech, and was valued at $120m on its own. Now they have given two of the three key technologies to their largest competitor for a mere $30m. Quite a bargain for AMAT, I must say.
To me, TRKN is like the couple trapped in a cabin surrounded by wolves. They threw their baby to the wolves which will satisfy the wolves for a few days, but they'll be back, and next time will they have another baby?
I am deleting this stock from my radar as I don't generally get involved in acquisition plays. I may check in from time to time out of a sense of morbid curiousity, but I am not likely to bite (or get bitten) again.
Good luck to everyone,
Carl |
