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Non-Tech : DaisyTek (DZTK) Nasdaq -- Ignore unavailable to you. Want to Upgrade?

To: Glenn Petersen who wrote (11)	11/25/1999 5:13:00 PM
From: EACarl	Read Replies (1) \| Respond to of 19

Glenn, RE "Discount that by 45% and you are left with $9.13 per share." Why would you discount it by 45%? Based on what similar IPO's have done PFSW could go very high, but let's assume the worst and it goes nowhere. That still gives us a value of about $10.70 plus about $3 in cash DZTK will get , plus the remaining value of DZTK at about a low P/E of 10 * .80 in earnings still adds up to about $21.7. That's basically a worst case scenario. Of course, PFSW could skyrocket and DZTK's part alone could be worth $30 or more, plus once PFSW is distributed to shareholders, I doubt the rest of DZTK will stagnate around 8$. You can't count the past 9$ low as a benchmark. That was before any of this was announced. Using the same argument, I could say DZTK was trading at $23 during the past year without any of the PFSW spin off news. I don't think we should care about the past high or low of DZTK, since news of the PFSW spin off, it is a whole new ball game. Maybe you talking about a short term drop, but the intermediate term value here is undeniable. Regards, Eric.

To: Glenn Petersen who wrote (11)	11/26/1999 11:44:00 AM
From: EACarl	Read Replies (2) \| Respond to of 19

Glenn, sorry to go back and reply to your previous message a second time , but............. In the first para you said......"DZTK, which closed at 19 3/8 on Friday, looks very vulnerable at this level". Then in the 3rd para you said....."the core business of DZTK is worth approximately $9.78 (11.25 times .869). Add the $9.13 to the $9.78 and you have $18.91". The $9.78 was your 45% discounted figure of PFSW. So, this "vulnerability" takes us from $19.375 to $18.91?? I'm looking at the big picture, and am prepared to hold for the 6 or so months to get my shares of PFSW. Bringing up your MALL/UBID example (and thanks for the table in your most recent post) current value to those who held is $40 for mall shares they paid a fraction of that for. Lets not forget the USTR bid for DZTK at $20 which they said they were prepared to go higher. If DZTK does weaken, it will be a great time to add to positions for the eventual distribution to shareholders of PFSW. I think DZTK without PFSW could easily become a 13$ value anytime in the next year, and since that is my average cost, I feel like I get PFSW for free. I feel like there is long term much more upside potential than downside risk. In any case it will be interesting to watch and see how things unfold.