Primestar/TCI Satellite (TSATA) Message Board

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Technology Stocks : Primestar/TCI Satellite (TSATA)

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To: BARRY ALLEN who wrote (283)	3/2/1999 9:12:00 AM
From: Noel	Read Replies (1) of 442

Not only is the money owed to Primestar, Inc.'s bondholders, but even if it were not, TSATA only owns about 37% of Primestar, Inc. So any additional gains on asset sales would actually be further diluted, since the stockholders of Time Warner and Primestar's other cable TV partners are also due their share. Perhaps the most interesting development in all of this is that DISH has emerged as one of Primestar's largest bondholders. Apparently DISH now owns 10% of Primestar's bonds, enough to block any transaction they are not in favor of. The bonds were trading at a significant discount and DISH started accumulating. Perhaps that's what Carl Vogel meant when he called Charlie Ergen a "parasitic bottom feeder." It is unclear if there are any anti-competitive issues in owning the bonds of a competitor... Regards, NOEL

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