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Non-Tech : Bill Wexler's Dog Pound -- Ignore unavailable to you. Want to Upgrade?

To: Bill Wexler who wrote (1852)	7/11/1999 9:45:00 PM
From: SteveJerseyShore	Read Replies (1) \| Respond to of 10293

Reply from Alex Brown on IDTC article from Herb G. in TSCM. Moore, Kevin M. 410-895-3329 07/09/1999 McQuade, Kathleen M. (410) 895-3303 Deutsche Banc Alex. Brown --------------------------------------------------------------------------- ---- IDT CORPORATION [IDTC] "BUY" Press Article on Lermer Overseas Telecommunications Discussed with Management - Reiterate Our BUY Investment Rating DETAILS: Following the recent article in the "The Street.Com" regarding the relationship between IDT and Lermer Overseas Telecommunications, we discussed the relationship with IDT management. By way of background, Lermer provides IDT with termination and other network services that help insure that IDT has competitive rates to foreign companies. After our discussions, we concluded that there were no apparent material irregularities that would change our investment opinion on the shares of IDT. There were three main points supporting our opinion. First, although Lermer's state charter has technically expired, its operating subsidiaries, with which IDT does business, are all legal entities and the relationships with IDT are all profitable and beneficial to IDT. Second, the payments on the $21 million-$22 million of the $25 MM credit line that is outstanding is current both in principal and interest payments. We do not find this relationship unusual for IDT, which has historically focused on dealings with closely related companies and has in the past leveraged these relationships into acquisitions (i.e. the InterExchange acquisition). We are reiterating our BUY investment rating on the shares of IDT Corp.