BACKDOOR, an IPO> IDTC,BRKT,BNYN,KLOC,NAVR Message Board

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Technology Stocks : BACKDOOR, an IPO> IDTC,BRKT,BNYN,KLOC,NAVR

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To: Selfmade$ who wrote (694)	5/13/1999 12:36:00 AM
From: Glenn Petersen	Read Replies (2) of 954

I sold my NAVR holdings on the morning spike when NETR initially filed their S-1, removed my NAVR bookmark and have not looked back. Like yourself, I do not have a lot of enthusiasm for the NAVR management. The only thing that they seem to have any talent for is looking out for their own individual interests. Additionally, I am not enthused when management needs to go back and restate their financial results. I have taken a quick look at the NETR S-1/A and I have a few comments. It appears that NAVR will be holding 5.0 MM shares of NETR after the IPO. If you assume that the issue is priced at $13 per share and triples to $39, NAVR's holdings would have a gross value of $195.0 MM. That value needs to be discounted by 40% for tax and liquidity considerations, which leaves $117.0 mm, or about $5 per NAVR share. Is the rest of NAVR's business worth $10 per share? I don't think so. Will NETR trade higher than $39? I don't know. As I said, I have been pretty far removed from this back door play, but based on this quick analysis I would be long gone before the actual IPO. If I have missed something, please let me know. Good luck.

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