Primestar/TCI Satellite (TSATA) Message Board

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Technology Stocks : Primestar/TCI Satellite (TSATA)

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To: Noel who wrote (156)	1/12/1999 11:05:00 AM
From: JDCFA	Read Replies (1) of 442

Kaimowitz's #'s don't add. I am attempting to contact him for clarification. In a nutshell, he adds Tempo debt without valuing Tempo assets. Tempo: Assets: 2 satellites (worth $250mm ea. according to Kaimowitz) 11 full conus transponders at 119d (no value assigned by Kaimowitz) Could be valued up to $250mm, worth at least $125mm Total Assets: $625mm to $750mm Tempo Debt: $575mm Net Value: 0 to $175mm Primestar subs. Kaimowitz value: $750/sub. Debt per sub. (excl. Tempo) $550 Net sub value for equity holders $200/sub. total subs: 2.3mm Total Value: $460mm Total shs.: 200mm Net Equity Value/share: $2.30 Assuming Tempo has 0 value or $3.18 assuming Tempo value of $175mm. There is no need for stock or bondholders to make concessions. The analysis of Kaimowitz is simply incorrect as it excludes vital information.

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