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Technology Stocks : AUTOHOME, Inc -- Ignore unavailable to you. Want to Upgrade?

To: GraceZ who wrote (19032)	1/19/2000 1:03:00 AM
From: Frank A. Coluccio	Read Replies (1) \| Respond to of 29970

Oah! Wait a minute, there? Which side of the border are we on now? <s> I've tried to get the point across in the past that the valuation of home's assets were nebulous at best outside their data centers (even there I don't know for sure), but I left it at that. It was still too early to hope for anyone to agree with me at the time. You are asking all the right questions now, however, questions which would have been ignored in an earlier time when the appearances were all well and good, but which now portend some degree of strife and uncertainties, going forward. "I want to get a handle on the part that they own....what is it worth? Nothing? Anything? Is the company only it's contracts which are running out?" Let's see. What are the usual metrics surrounding salability in such situations? Homes passed? Nope. Those belong to the MSOs. Head Ends and HFC Plant? Nope, the MSOs own those too. POPs, as in people count covered? In what sense? CableTV, Internet Access? Both? Who gets credit for these? The backbone? We're talking about both the T SONET ring and their other trunks to the NAPs and other exchange points. Those are liabilities, not assets, without the MSOs' plants. Anyway, I still don't know what the cross-subsidies and chargebacks look like for the T backbone. Can anyone say for sure? Number of Internet accounts? Is that carved up by the consortium members, or can home claim those alone? Doubt it. Anyone know for sure? A percentage of a company usually means a percentage of revenues. Even in cable. Do terminations of exclusivities also signal terminations of partial ownership? Oops! Routers, switches, servers, cache complexes? Home's. Headends, HFC Plant? MSOs'. Agita? Excite. By the way, the "fraction" that I was referring to was an implied funny-money derivative, resulting from the exchange of securities, throw in some good will while you're at it, between all parties concerned. Cross-ownerships. I don't know of any part of the downstream plant, in terms of tangible assets, that home has a claim to, outright. Except for maybe some minor test setups (and Excedrin Plus) that they might keep handy at some of the head ends for their engineers who have occasion to visit from time to time. Nothing substantial that I can think of. A very good question, Graciella. Angst? T.