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Technology Stocks : BACKDOOR, an IPO> IDTC,BRKT,BNYN,KLOC,NAVR
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To: DAVID C. DeANGELIS who wrote ()1/18/1999 1:18:00 AM
From: steve host   of 954
 
Check this "backdoor IPO" out: excerpt from Bear Stearns report issued last week concerning NYSE Fingerhut (FHT) where they raised their recommendation: (earnings out this week - still low PE of 16):

4. Internet E-Commerce opportunity appears to be huge -
Fingerhut, in addition to being one of the only providers of e-
commerce back office and database services for others, has
launched multiple e-commerce strategies complementing its own
database and core catalog competencies. For starters, they have
launched several e-commerce sites totally owned by Fingerhut
(Andy's garage, Fingerhut. com, Figis.com, thehut.com ) over the
past two years. Additionally, and perhaps even more exciting,
Fingerhut has acquired an interest in a string of e-commerce
start ups over the past months, including PC Flowers.com,
mountainzone.com, and freeshop.com. The game plan on these
acquisitions is to buy a 19.9% interest in these businesses (as
they are currently losing money and FHT does not want to consolidate their results). At the time of purchase, they also
obtain warrants to allow them to gain a 60% stake in the entity
with the plan to utilize the FHT clout to gain buying and
database efficiencies. The company's plan is to do an IPO of some
or all of these e-commerce companies at the 15% level so that
post deal, FHT would still own 51% of the entity or more. On this
front, we think a public offer for PC Flowers.com and
freeshop.com are likely 1999 events. Management also indicates
that we should see 10 to 15 more announcements throughout the
year, beginning over the next few weeks
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