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Technology Stocks : UCOMA UnitedGlobalCom
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To: Mad2 who wrote (276)2/14/1999 12:34:00 AM
From: RockyBalboa  Read Replies (1) of 489
 
But...valuation mismatches can prevail. Imperfect markets.

MALL, which is far away from having a negative book value but has 80% of the UBID stake (thus allowing for a tax-free distribution if some other conditions are also met).

MALL is worth $297M (at $29) and Malls residual value may be worth $5-$8.
MALLs 80% stake in UBID alone (which means roughly 0.71 shares UBID for 1 Mall) share is worth $446M.

Here, the "discount" is still almost 50% after 2 months of trading UBID.

All an issue of supply and demand.

C.
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