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Technology Stocks : ORBCOMM [ORBC]
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To: Webster who wrote (1)5/18/1998 1:38:00 AM
From: Francis Gaskins  Read Replies (1) of 13
 
Dear Webster, Very good question. We know from the prospectus they want to sell "Common Stock, $143,750,000" but other figures are lacking so we don't know the valuation. Not uncommon. CDnow was the same.

However, this is strange offering.

"All of the -- shares of Common Stock offered hereby (the "Offering") will be sold by ORBCOMM Corporation (the "Company"). The Company will use the proceeds of the Offering to purchase -- Partnership Units (as defined) in ORBCOMM Global, L.P., a Delaware limited partnership ("ORBCOMM"). See "Underwriting." On consummation of the Offering and the application of the net proceeds therefrom to purchase Partnership Units, the Company will be admitted as a general partner of ORBCOMM. The shares of Common Stock are equity securities of the Company and do not represent Partnership Units in ORBCOMM."

Even though our general rule is: "if the offering is 'strange' then forget it", we'll probably rate Orbcomm because it's in an interesting area.

The prospectus is at
sec.gov

Best,
Francis

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