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Technology Stocks : BroadVision (BVSN)
BVSN 4.410-0.5%May 18 5:00 PM EST
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To: john g who wrote (862)11/13/1998 11:37:00 AM
From: King David  Read Replies (2) of 3773
 
John G,

The swap essentially makes SONE returns dependent on BVSN returns. As a SONE investor I don't know anything about BVSN. If I wanted to make my returns dependent on BVSN, I would have bought BVSN. You may be thinking, how big a share of SONE returns are we talking about anyway. Well, the equity swap was $3 mm on or about Sept 1. SONE market cap was ~120mm (based on share price of 11). So, my SONE returns now depend 2.5% on a company that I don't know anything about. And, if SONE management does this once, how many more times will they do it, until my return on SONE is primarily dependent on other companies. If I wanted Berkshire Hathaway or CMGI consolidator type companies, I would have bought them.

KD
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