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Technology Stocks : BACKDOOR, an IPO> IDTC,BRKT,BNYN,KLOC,NAVR -- Ignore unavailable to you. Want to Upgrade?

To: Jon Khymn who wrote (924)	2/3/2000 7:51:00 PM
From: xcr600	Read Replies (1) \| Respond to of 954

Plan to hold AIS as I hold LDP. As long as the markets continue to reward ipo's and upstart tech companies these type of plays should do well. BNYN having a stronger run than I would have expected. Just back from vacation and very surprised to see it run over 28 into earnings today.

To: Jon Khymn who wrote (924)	2/13/2000 9:12:00 AM
From: Glenn Petersen	Respond to of 954

BNYN is starting to get ripe. Up 5 1/8 on Friday to 34 5/8. BNYN owns 1,021,202 shares of SWCM, which closed Friday at 74 1/2. The lock-up period on these shares expired in December. $76.1 MM, discounted by 40% gives you $45.6 MM. BNYN has, net of treasury stock, approximately 22.5 MM shares outstanding. So their SWCM holdings are worth about $2 per BNYN share. They will only own about 41.3% of SWBD after the IPO; CBS will own approximately 34.4%. Lets be generous and say that SWBD pops to $40 per share. BNYN owns 9,802,421 shares of SWBD. At $40 per share, the shares will have a gross value of $392.1 MM. Discount that by 50% and you have $196.0 MM, or about $9.71 per BNYN share. BNYN has $3 in cash. Adding the cash, $2 for SWCM and $10 for SWBD gives you $15. Is the core business worth $20? Probably not. Will SWBD pop to $40? Who knows, though I would guess not. Probably a reasonably safe short at these levels. JTHO of my calculator.