Gary, sure, the NY Times might have included the information in the cc, but as far as I'm concerned, that is not the point. The issue is the official filings with the SEC, and the failure of the auditors to insist on full disclosure. The deal may be good, and the deal may be necessary, but the deal was not sufficiently explicated in the official merger documents.
As I've said before, I am not an engineer, so I don't understand the technological end of the deal. What I do understand is that for a cost of approximately one third TLAB we as shareholders in TLAB are buying a technology. Presumably, this technology is worth that and more according to Tellab's management. But the market seems to be telling us that Tellabs has grossly overvalued the technology judging by potential customer's purchasing habits. I don't know whether Tellabs is right or the market is correct, only time will tell. What I do know is that Tellabs and Ciena have been less than forthcoming and that disturbs me greatly.
TTFN,
CTC |
