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Non-Tech : Berkeley Technology Limited (BLKYY) -- Ignore unavailable to you. Want to Upgrade?

To: J. Conley who wrote (225)	3/26/2000 9:30:00 PM
From: J. Conley	Read Replies (1) \| Respond to of 955

Also consider the following Bear Stearns' comments, and the fact that there is Mayan Networks, Silicon Spice, and a host of others already in the bag. >>>>...we could not resist the temptation of calling investor attention to the potential investment "homerun" in the portfolio. Saba Software (a distance- or "e"-learning play) and New Focus (fiber optic equipment) both have all the trappings of warmly received IPOs. But the recent market enthusiasm surrounding firms specializing in the fiber optic space such as JDS Uniphase and Avanex suggests that demand for New Focus shares could drive the public market value of this company toward the $5 billion level, if not higher. And London Pacific, with its approximate 9% pre-IPO stake in the firm, would, by our estimates, see its investment in New Focus increase by almost 50-fold under such a scenario. On a per ADS basis, this degree of book value accretion equates to approximately $25 in additional net asset value. This, of course, is outright speculation, given that deriving an aftermarket company value is more art than science and presumes a continued robust tech IPO environment. But given current market conditions, we do not believe our expectations for New Focus (pricing expected in May) are way out of line.<<<< It is apparent Bear Stearns believes, along with management, that there is at least one, and probably at least a few more, very big winners in the portfolio. Of course, all of this if focusing on the VC and not the insurance business, but there is plenty about the other businesses to please investors. For example, a quite detailed FBR report on the topic of "e-insurance" argued that the insurance business is precisely the type of business that would reap great benefits and competitive advantage to those companies with an internet strategy. Among the very many companies mentioned, LDP was listed as one of 5 companies to have such strategy. This side of the business is performing extremely well and apparently will continue to do so. Very good management.