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Technology Stocks : AUTOHOME, Inc
ATHM 23.54+0.1%Dec 26 9:30 AM EST
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To: ahhaha who wrote (6760)3/25/1999 2:08:00 AM
From: ahhaha  Read Replies (2) of 29970
 
The exclusivity provisions described in the Principle Cable Stockholders Agreement(PCS) may be terminated under the following circumstances:...(iii) Comcast and Cox may terminate all PCS exclusivity obligations if there is a change of control of TCI at any time or if certain subscriber penetration levels for the @Home services are not achieved by TCI and its affiliates on June 4, 1999 or any anniversary thereof; and (iv) Comcast may terminate its exclusivity obligations at its election after June 4, 1999 if it permits a portion of its equity in @Home to be repurchased by @Home at Comcast's original cost.

When T bought TCI (iii) was effective unless the PCS was altered since then. There has been no public indication that that had occurred.

Otherwise (iv) can be invoked. @Home makes a windfall on the stock, but it has to carry it at purchase price which is essentially peanuts. It is just a paper shuffle. The only thing Comcast loses is the theory dollars held by shareholders. They would have to sell their 15M ? shares in the market to get the big dough. Now we all know the public would step in to buy at current prices if they knew there was a load coming, don't we? Better idea: ATHM takes Comcast's shares and then makes another secondary. It's not dilutive since there's nothing to dilute except future theoretical earnings!

I wonder what Cox is thinking about? If it was good enough for Comcast...
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