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Strategies & Market Trends : Steve's Channelling Thread -- Ignore unavailable to you. Want to Upgrade?

To: Zeev Hed who wrote (26561)	9/7/2001 5:49:44 PM
From: thecalculator	Read Replies (2) \| Respond to of 30051

the 20F mentions another 21 MM or so.. And I'm reading it to say the ~21 MM includes past issued and to be issued in the future to the partners. towersemi.com.

To: Zeev Hed who wrote (26561)	9/7/2001 6:05:05 PM
From: thecalculator	Read Replies (1) \| Respond to of 30051

As the "investors" put more money in (and more shares are issued) My point is the 21 million includes the shares yet to be issued. Also... The $550 MM in debt (or line of credit) will not show as additional BV increase since it will show on liabilities as debt, But if they take the loan out to improve their Fab2 capabilities, by taking it down to 0.13 micron (from 0.18 micron originally), then that also increases the value of their $1.1 billion asset up to $1.6 billion, thereby increasing Tower's BV accordingly; balanced against the loan, its a 'wash', which is why I'm referring to the new $1.6 billion Fab2 as a $1.1 billion asset, which as yet is to be included on the books, and appropriately so...but the stock market usually discounts future events, and I expect the stock price to eventually reflect the current valuation disparity before the Fab is actually operational.