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Technology Stocks : Safeguard Scientifics SFE -- Ignore unavailable to you. Want to Upgrade?

To: michael r potter who wrote (3125)	6/22/1999 11:23:00 AM
From: LarryCPA	Respond to of 4467

Schwab account holders. Schwab has set up a special # to deal with the DSSP it is 800-400-6467. When the time gets closer they should have info. ' Larry

To: michael r potter who wrote (3125)	6/23/1999 4:00:00 AM
From: michael r potter	Read Replies (3) \| Respond to of 4467

From filing information, SFE will own 14.9% of ICGE. IPO price expected to be $8 to $10. If ICGE trades at $50 in the after-market [purely hypothetical] and SFE owns 14.9% or 17.9M sh. it would be worth $895M to SFE or [using 33M sh.] $27.12 to SFE. If the current NAV is around $26, add $27.12=$53.12. The balance between that and SFE's trading price is the rest of the private companies. [This is a late night, quick calculation, and feel free to correct any numbers if inaccurate], If ICGE trades at $50 [a big premium over the IPO price given current conditions], it would seem that SFE is fully priced. If ICGE trades more like $20 to $30, then SFEs price is currently "rich". For reference, it looks like ICGE will have to trade at a market cap. 2/3 of CMGIs [todays value] to support a $50 price. A starting point for discussion. Mike