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To: Craig Freeman who wrote (10590)4/21/2000 11:07:00 PM
From: Zeev Hed  Respond to of 60323
 
Craig, I believe that they had to account for the capital gain on the merger date and pay taxes on that gain, since then UMC has gone up, that is where you "lost" some $200 plus million not accounted for (and will not be accounted until sold, since it is carried on the book at cost and not "marked to market".) I hope this is the right explanation.

Zeev



To: Craig Freeman who wrote (10590)4/22/2000 10:41:00 AM
From: Michael A. Gottesman  Respond to of 60323
 
Craig:

The original number of shares obtained from the merger was 111 million. They recently received a 20% stock dividend (as per Eli in the conference call) which increased the value.

Mike


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