Voice-on-the-net (VON), VoIP, Internet (IP) Telephony Message Board

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Technology Stocks : Voice-on-the-net (VON), VoIP, Internet (IP) Telephony

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To: Frank A. Coluccio who wrote (1356)	9/21/1998 11:49:00 PM
From: Phil Jacobson	Read Replies (2) of 3178

Yeah, at the risk of not supporting my statements with a lot of specifics, I've noticed a lot of this, this was the first one I remember seeing it from LU. It's a version of channel stuffing in my opinion where the sales guys have learned how valuable it can be to expand their channel by hiring would-be investment bankers into their ranks and turning their companies into venture capital firms. Somehow it gets past the real finance guys because there's invariably some kind of clawback that seems to allow the hardware company to own the service company if something goes wrong. Besides, who really wants to tell the SVP of Sales that his quarterly bonus is not valid because the auditors might have a problem recognizing revenue off the sale (what pests those auditors are). From what I've seen the true value of this type of deal when the purchaser is a startup like PaeTec is close to zilch, unless the startup is someone like LVLT. Take care! Am visiting a large switch company located somewhere in a Research Triangle Park NC tomorrow. Something about a vendor financing deal I think... Phil

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