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Technology Stocks : Ampex Corporation (AEXCA) -- Ignore unavailable to you. Want to Upgrade?

To: Carl R. who wrote (11253)	9/23/1999 9:43:00 PM
From: HPilot	Read Replies (2) \| Respond to of 17679

<<I don't think the bond holders and redeemable holders would like that proposal very well.>> IMO if they don't like it they can sell their bonds. This arrangement is clearly spelled out in the prospetus and since they are all institutions I am sure they know the risks. But if we IPO then Ampex will be flush with cash. If they own 80% of iNEXT they can retain much of the proceeds. Even though most of the money will go to iNEXTV there will be plenty of cash. Don't forget that the exposure will increase the share price, resulting in less stock going to the bond holders. And maybe DST will get noticed also!

To: Carl R. who wrote (11253)	9/23/1999 9:57:00 PM
From: killybegs	Read Replies (1) \| Respond to of 17679

No, it wouldn't be empty. The Holding Company as it is set up now holds the licensing/royalty business. The debt is at the holding company level. The holding company funds debt service out of cash flow from net licensing and any "dividends" sent upstream by the subs. The remaining subs are Ampex DATA systems and Micronet, where the bulk of the revenues are now anyway. Unless specifically restricted in the bond covenants, and I did not see such restriction, iNextv can be spun off, no problem. The remaining company would probably have earnings again of 25-30 cts per share, since you won't have the losses from iNextv and the royalty income has substantially increased... To all FWIW, a great book on spinoffs and other recaps is "You can be a stock market genius(even if you're not too smart)" by Joel Greenblatt. He's a former Fortune 500 chairman and founder of Gotham Capital, a very successful hedge fund. He focuses specifically on spinoffs, rights offerings etc. Very funny too. For more indepth, a monograph by Guy Wyser-Pratte, "Risk Arbitrage" published in 1982 by Salomon Brothers through NYU Stern School. Should be still available.

To: Carl R. who wrote (11253)	9/23/1999 10:03:00 PM
From: Alan Cassaro	Respond to of 17679

Question. Aren't these kind of PR interviews really scripted in advance? For instance, although this is the first time Bramson has been on CNBC, as far as I can recall, right off they're asking him if there will be an I.P.O. Now, why in a one minute interview, with a 3 dollar stock, ask such an inflamatory and titilating question, unless it was part of the pre-interview, or "hype" sheet presented in advance? Had the script gone as "planned", Hugh might have been discussing the answer to "Why, this company?", which would have been a quick discussion of how Ampex pioneered television, and how they're going to do it again to the internet. al