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Technology Stocks : CDRD (CD Radio)
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To: VALUESPEC who wrote (740)8/7/1998 8:23:00 PM
From: Mark Marcellus  Read Replies (1) of 904
 
Thread: Today CDRD filed a revised registration of shares for the convertible holders. Details are available at:
freeedgar.com

I confess that I get lost every time I try to follow how this conversion will work, but as far as I can tell this registration adds ~1 million more shares to the float than the last one did. Also, since this is a conversion, no additional monies go to the company which means they still need to come up with another $500 million to see them through their launch. Seems to me that investors are putting up with a lot of risk and a lot of dilution for what they're getting. But that's because I'm an old fashioned kind of guy who doesn't appreciate the inevitability of this company's success. Bear Stearns seems to think $50 is cheap. That's what makes a market.

One other thing I noticed in a quick read through the S3-A. Selecting a radio card manufacturer is no longer on the list of "milestones" for 1998, although production of radio cards is still on the list for 1999. Possibly this was an inadvertent omission. I do wonder why they're planning to have radio cards available for sale in 1999 when the service won't be launched until mid 2000, but I'm sure things will become clearer as the deadline approaches.

FWIW,

Mark
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