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To: zbyslaw owczarczyk who wrote (1940)	3/12/2000 4:28:00 PM
From: pat mudge	Read Replies (2) \| Respond to of 2347

So if the company doesn't live up to its broadband hype, who stands to lose? Well, since spring 1999, Terayon's venture capital backers, Sequoia Capital and Weiss Peck & Greer, have disposed of or distributed almost all their shares, and the Rakib brothers have either sold or filed to sell over $25 million worth of stock. Hmm. Guess which investors may be left holding the bag. In Shaw's last SEDAR filing they said they'd sold a portion of their TERN holdings, as well. Message 12647816 Pat

To: zbyslaw owczarczyk who wrote (1940)	3/12/2000 7:05:00 PM
From: lml	Respond to of 2347

Excellent find, z.o. The article reiterates many of the debated points expressed here on this thread over the past month. The conclusion I have made, and also expressed by the article you reference, is that TERN investors run a serious risk of seeing the value of the investment drop precipitously as the longer term future of S-CDMA technology over the cable platform become more clear. The evidence of insider sales supports this hypothesis. A prudent investor must not only assess growth prospects and value when investing in a company, but also the risks associated the investment as expressed by current expectations reflected in the stock's current price. IMHO, an investor in TERN can only consider himself lucky at this point, & not necessarily prudent. His prudence can only be determined by his decision to bail before the rug is pulled out from under TERN & its shell-like S-CDMA fortunes. I think Zakib recognizes such risks going forward, which is why he has shrewdly taken steps to diversify TERN's efforts into other broadband areas not dependent upon S-CDMA technology. Unfortunately, he has been less than truthful to his shareholders on this issue. Only the prudent investor is able to assess the risks of continuing to hold TERN. Regardless of the protections afforded by today's Federal securities laws, the old common law rule of caveat emptor can never be discarded. Thanks for posting the article.

To: zbyslaw owczarczyk who wrote (1940)	3/14/2000 3:08:00 AM
From: pat mudge	Read Replies (1) \| Respond to of 2347

It hasn't been easy to find information on Terayon's latest acquisition, Internet Telecom. Their website server must be powered by a treadle sewing machine. I've only been able to access one news article. If all the hidden information is as exciting as this --- a product that doesn't exist for a trial that hasn't received approval --- I can see why they wouldn't want anyone snooping around: Sunday, Apr 25, 1999 Sun-Thu at 18:00 (GMT+2) High Tech News Gad-Line, Golden Channels to Carry Out Internet Telephony Trial Using Cable Modems By Efi Landau Gad-Line, which develops and produces cable modems, has signed an agreement with Jerusalem Company Internet Telecom to develop Internet telephony (VOIP) solutions for modems on cable television networks. This is an innovative development of a product that does nto yet exist, one which will enable cable television companies to compete with telephony companies without laying expensive circuit switch infrastructure like that of Bezeq. Gad-line is talking to all three of Israel's cable television companies, but it seems that the first agreement will be signed with Golden Channels, which is currently setting up IP technology infrastructure. Gad-Line has already applied to the Ministry of Communications for permission to carry out a technical trial for VOIP via cable modems, apparently to be carried out in Jerusalem with Golden Channels. It has not yet received an answer. It is believed that, while the Ministry is involved in the fierce confrontation with the cable television companies, Minsiter of Communications Limor Livnat will not approve a trial of this kind. Gad-Line general manager David Cohen said the product would be commercial at the beginning of the year 2000. He said he knew of only one other equivalent product in development, at US company AT&T, and that it was certainly on the cards for Gad-Line and Internet Telecom to be the first in the world with a VOIP via cable modem product. Published by Israel's Business Arena on April 25, 1999