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To: steve harmon - analyst who wrote (1985)	6/28/1999 5:04:00 PM
From: Frost Byte	Read Replies (1) \| Respond to of 4337

IDTC - Steve, IDTC owns 60% of Net2Phone, which just filed for their IPO, via H&Q and BT Alex Brown. The price range is $10 - $12 and AOL, GE, and Softbank are all investors in Net2Phone. My question is...assuming the stock pops to $20 a share (which, given the company and its backers is not unrealistic), this will give IDTC's stake in Net2Phone a value of almost $600 million....yet, IDTC is currently valued at only $530 million for the whole company, which includes the IDTC piece...in fact, Net2Phone accounted for only about 8% of IDTC's revenues.....could IDTC be a great way to participate in the Net2Phone IPO??? (In addition, CNBC reported today that Sprint is in talks to acquire IDTC....just a rumor I believe).

To: steve harmon - analyst who wrote (1985)	11/30/1999 8:14:00 AM
From: AugustWest	Read Replies (1) \| Respond to of 4337

morning Steve, you knew I'd have to be revisiting you on this subject. In light of the recent announced deal with AOL and Intuit offering web based bill pay, do you think these are steps in the direction you alluded to this past summer(if it's some of the startup companies that are scanning of paper bills, forget it-never reach the scale of economy ckfr has built). BTW, Still wondering if you have any plans on re-instating ckfr into your portfolio? Personally, I'm intrigued with this market industry, and would like very much to carry on the conversation with you when you have the time or inclination. FTR, last time you mentioned ckfr to me as "not being oversold, it was trading at $37 1/2(6/28/99). Friday's(11/26/99) close was $64 3/4. No boubt the voodoo says we go down from here for a while, but the fact remains that you had this one and let it go extremely cheap, for what ever reason is still a mystery to me. You said something back then to "watch for further developments here as the summer progresses". Well, I'm still waiting for these developments(and if it's the bank consortiums- remember the now defunct Intergion?). If anything, ckfr is gaining momentum. They now have Yahoo!, Intuit/AOL, Excite@home, NetB@nk, Wingspan, and a host of othert FIs and billers enjoying the services provided by CheckFree. And look for further deals through out the coming months. I realize this is gonna be a big pie, and lots of little players will be trying to get their slice, but I still fail to see how CheckFree won't capture the bulk of it(and what's up with that Princeton IPO????), though as any fast moving industry, that can change on the flip of a dime, but I have yet to see any fomritable competition....please enlighten me) I believe this emerging market deserves more attention before too many small investors miss the boat. What say you. P.s. Sorry for bending your ear so much. Three large cappuccinos and i can't stop punching these keys<g> pps. Don't know if you have seen this article( #reply-12077792) but it should give a little more insight to the validity of CheckFree's dominance here in the market. One final note: "If the banks are serious why don't they simply acquire checkfree". Do you really think this could happen? lot's of speculation on someone buying ckfr out right. Only problem, it would likely either kill the EBPP industry, or set is back a couple years at best. So when you gonna suck up the boner move you made and reinstate ckfr into your portfolio? pps. I just read a snippit on the cych thread where someone saifd you think EPAY will gain momentum in this market. I am under the impression they are strickly B2B. And if you listened to the last conference call a few months back, you would know they stated that the B2B industry offers much more than the B2consumer market. FTR, I like epay also. it had given me much to be thankful for, but IMO, dead money for another quarter. I'd be a buyer of it again in the $15-17 range. but that's what drives the market, everyone had their own opinions, and well, we all know what thoase are worth. Have a nice day. Okay, one more comment. Did you see where MSFT is gonna get into the bill scanning business to present bills??? I can't locate the article right this minute, but it did provide for a good chuckle.