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Technology Stocks : IDT *(idtc) following this new issue?*
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To: gerard mangiardi who wrote (6697)4/28/1999 12:20:00 AM
From: David Wise  Read Replies (3) of 30916
 
Are you and Andrew now thinking that maybe there won't be an IPO? It sounds like it from his post and your response. Now that didn't hurt too bad, did it? As I said a month ago, that could be the best scenario for IDTC stock.

As you pointed out, there has been no registration. An IPO usually follows about 2 months from a registration. They can issue additional shares of IDTC, up to the authorized limit, without filing a registration. Of course the agreement would state that the shares would be registered by a certain date. I don't know if they can issue shares of a spin-off candidate with the same stipulations, but it's logical. In other words, Softbank may invest in just the Net2Phone part this way, and shares would not be registered until all issues, such as bonds, are settled. It will be interesting to see how many warrants and at what strike prices Softbank and whoever will get for their investment.

Now if you would also look at the possibility that Net2Phone would be IPO'd without shareholders of IDTC getting anything, you'd be halfway to understanding what I've been saying for 2 months. That's why I'd just as soon NOT see an IPO. Unless they promised to spin off shares to shareholders of IDTC. That would be great.
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