PAinvestor, re: If you read the SEC filing PROPERLY, You will notice that not one of the First Minimum Production Milestone, First Minimum Required Production, First Production Milestone Date, Maximum FGI, Minimum Qualified expenditures etc etc etc have ANY NUMBERS OR DATES FILLED IN. Hmmmmm.
This would seem to be one of those cases where you have the actual agreement between the two parties remain confidential and redact certain sensitive parts of whatever is being made public (and hence, available to competitors) for filing purposes.
As such, the agreement begins with the following:
CONFIDENTIAL
CERTAIN INFORMATION HAS BEEN REDACTED.
CONFIDENTIAL TREATMENT REQUIRED.
I'm reading that as implying that the targets exist in the agreement between the two parties, but not in the redacted exhibit included in the filing.
As far as the characterization of the agreement as "non-binding", I disagree. If you mean "non-binding" in the sense that the parties have laid out certain situations and/or avenues by which milestones can be postponed, sure.
But ultimately, if MU misses a milestone and Intel is not willing to agree to the fact that it fell under certain contingencies spelled out in the doc., they have the right to make a Special Conversion Adjustment which increases the conversion ratio.
How aggressive Intel will be if such an ocassion arises, I don't know, but the way I read it the stick (however small) is there along with the carrot.
If you wish to confirm this, call Investor Relations at Micron.
And then call Investor Relations at Intel <g>
Good trading,
Tom |
