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Technology Stocks : Xpedior Incorporated (XPDR) -- Ignore unavailable to you. Want to Upgrade?

To: Stu Bishop who wrote (13)	12/10/1999 12:27:00 AM
From: Mad2	Read Replies (2) \| Respond to of 132

Stu, MMWW has announced they will attempt to get a favorable IRS ruling allowing them to distribute 1.17 shares of XPDR for each share of MMWW. This should be in the form of a tax free dividend. This will take >6months and isn't a done deal (but one should assume it will happen as the company is taking all the right steps). IMO MMWW is likely to be quite volatile in the next month. If your interested in holding to the distribution I'm not sure I'd load the truck at these prices, but one never knows......generally these parent spins run up in a more volatile fashion before the spin, and sell off afterwards. This one hasn't folllowed that perscription, run up while nice has been orderly and according to Thompsons I-watch on the days I've looked institutions accounted for >90% of volume. This and the fact that its planned to be a tax free distribution could minimize the fall off in price after the spin.....however I'm a shorter term investor so I'll be out in a day or so.....will look to get back in if it sells off and the tarrot cards read well;-) Mad2

To: Stu Bishop who wrote (13)	12/10/1999 1:29:00 AM
From: Glenn Petersen	Respond to of 132

Mad2's analysis is sound. I think that investors are becoming more sophisticated about the "back door" plays. The "irrational exuberance" that propelled a lot of "parents" to unsubstantiated heights earlier this year seems to have abated. Investors appear to be doing their homework about the underlying values. HNCS did not sell off after the RETK IPO and actually ran up about 50% when RETK turned into a monster. DZTK did not sell off when PFSW completed its IPO. While MMWW has run up from the mid-teens over the last two months, there may still be some short term upside left. If XPDR trades at $50 per share, I could see MMWW trading in the low 40's. $50 times 1.2 shares gives you $60. Discount that by 50% and you are left with $30. Add another $12 or $13 for the core business of MMWW and you have $42 to $43 per share. The discount is real, though it will close as the distribution date approaches. You might be interested in reviewing an analysis of the UBID/MALL spinoff: Message 12160527 Of course the market is overdue for a correction and you might be able to pick up MMWW at lower prices in a couple weeks. Who knows? I do like XPDR relative to many of its competitors. Good luck.