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Technology Stocks : COM21 (CMTO) -- Ignore unavailable to you. Want to Upgrade?

To: pat mudge who wrote (1742)	2/18/2000 8:38:00 AM
From: zbyslaw owczarczyk	Respond to of 2347

Pat here is your answer:HYPE AND MANIPULATION BY GILDER AND TERN. Zbyslaw

To: pat mudge who wrote (1742)	2/18/2000 8:42:00 AM
From: Charlie Smith	Read Replies (1) \| Respond to of 2347

Pat: No real help, but you are being noticed: Message 12907273 Charlie

To: pat mudge who wrote (1742)	2/18/2000 11:40:00 PM
From: Dan B.	Read Replies (1) \| Respond to of 2347

RE: "Unless I'm blind, there's no mention of CDMA for DSL. Did I understand Gilder correctly --- that TERN has a product that uses their proprietary S-CDMA technology for DSL?" You did not understand correctly. Mr. Gilder did not say there is a product now. I think we should wait to see what TERN comes up with when they integrate these technologies into products. In other words, as a result of your misunderstanding, your concerns are getting a little ahead of the game, and mean little right now. "It's pretty clear Imedia has some stiff competition. I've also been told their work with TCI has been terminated. Since I'm having a heck of a time finding value, I welcome an update" Reading the press on the competition you provided(thank-you), I'd have to say it is not at all clear that this competition does any more than scratch the surface of what cherrypicker provides...and cherrypicker is already beyond the initial development stage, it's in use and helping to cause Tern's revenues to soar, and their pro-forma profits to become .04 last Q vs an expected pro-forma loss of $.19. Value of SOME kind is causing this to happen, that's for pretty sure I'd say. "Question: Has Telegate developed anything not based on S-CDMA? What are their plans? If TERN can't get US contracts for its own S-CDMA, how will they benefit from Telegate's?" Mr. Gilder makes it clear that the Telegate acquisition is expected to allow Terayon to offer voip over cable- which, of course, is Telegates reason for being as I understand it. Also, that is a big if there, concerning US contracts, that is. "Okay, I'm tired. If anyone can show me what I'm missing, I'll be grateful. I know Gilder's ga-ga over CDMA, but I'll be damned if I can see where Terayon's benefitting" I will offer that Mr. Gilder indicated that rolling out TERN's S-CDMA brings the ability to service MANY MANY times the number of homes that rivals can service. Though I haven't read all on this thread yet, I'm well aware of the picture several here have been painting for Mr. Gilder's nature; it is sadly misguided and without substance, IMO. One only has to look at Bernard Levy's assertion on the TERN thread indicating that Gilder stole from one Mr. Green, without giving proper credit...and follow the thead a little..read Gilder's 1992 tout of Mr. Green..and notice Bernards failure to apologize for his ludicrous assertion...to see what's going on here. If Mr Gilder says noise immune S-CDMA deployments are handling a thousand times the the number of homes as rivals can(he does), I don't think you should doubt it. If he is a little off in saying that, I'm certain he'd be the first to admit it. I can think of no instance when MR. Gilder knowingly published a false statistic, and rather than being a hypster, he consistently and willingly offers scenario's that could foil his bets- so that subscribers might see them coming. Dan B

To: pat mudge who wrote (1742)	2/19/2000 6:37:00 PM
From: lml	Read Replies (1) \| Respond to of 2347

Pat et al: Its obvious that you have an excellent discussion going on here. While I have not spent the time you & others have in getting into the details of TERN's statements & developments & statements by Gilder & the like, what I glean from all this is a strategy by TERN to diversify its portfolio of products offerings within the broadband sector in an effort to ensure its survivability notwithstanding its success or failure with DOSCIS certified cable modems. I think if we look far enough ahead we can see the day when the cable modem will become a commodity just like the POTS dial-up modems of a few years ago. I believe this strategy by TERN is a shrewd one & is, IMHO, one reason for the recent run-up in stock valuation. Let's face it, the individuals running TERN are smart guys, where their smarts are not just limited to innovative technology, but also political maneuvering, & shrewd strategic planning. Notwithstanding, comments by Mark regarding the future of cable plant was an echo of one of my first posts on this thread in response to a TERN shareholder espousing the superiority of S-CDMA technology about a year ago. At the time I viewed S-CDMA as an innovative technology that would be of great value to MSOs who either did not have the financial wherewithal to invest in an HFC upgrade, or if had the bucks, were unwilling do so due to a vision that the ROI on such an investment would be a poor one. I questioned the long term strategy of an MSO to go with S-CDMA because, just as Mark states, eventually, HFC upgrades will be ubiquitous as b-c e-commerce takes off & the ROI picture improves, even for the leastdense suburban areas now served by pure co-axial plants. I subsequently questioned by the respondee that fiber was not necessarily the eventual solution; that the long term solution was keeping the co-axial & deploying S-CDMA. I responded, incredulously, then why is everyone laying fiber? I questioned then why are companies spending billions deepening fiber plant, be they MSO or teleco. I don't recall getting a noteworthy response. In sum, I think in judging TERN, one needs to focus on the bigger picture, & that picture's frame goes beyond the cable modem. I think you present some convincing evidence of the present risks associated with TERN's S-CDMA cable-modem strategy. You have highlighted for readers here their effort to comply with SEC regs yet "hide the ball." This is the game we all agree to play when we invest in publicly traded companies. TERN, IMHO, is playing its cards, & playing them well. IMHO, they know what you know, that certification of DOSCIS modem based upon S-CDMA technology in time to provide "continuity" to the MSO customer is a very risky bet at this stage of the game. Hence, they have diversified themselves into other broadband areas that are not necessarily DOSCIS dependent, but leverage S-CDMA technology. As far as the fraud comments I've come across, the key element in any fraud allegation is "intent," or more appropriately "scienter," which includes knowledge as well as recklessness, but not negligence. Obviously, scienter is hard to prove. Hence, I think any allegations on either side of the debate should be refrained since it will get us nowhere in the substantive discussions here. Any allegations that you are perpetrating a fraud here are without merit, and any allegations that TERN is doing so cannot be determined from the events to date. As Dan B. provided, if in-fact they submit their S-CDMA modem for DOSCIS certification & it fails, that have not made any material misrepresention to investors. You, OTOH, are astute enough to read their head-fake, & hence should be able to profit from it with either a long or short strategy.