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To: carranza2 who wrote (47627)	10/7/2001 1:13:14 PM
From: Wyätt Gwyön	Read Replies (1) \| Respond to of 54805

To apply even a part of a Globalstar write-off of nearly $600m to earnings in the mid-90s is unfair for any number of reasons: The Q was a much smaller company in those days with significantly lesser earnings. How many companies write off past earnings with present charges? None of which I'm aware. The WSJ analysis is facile. correct me if i'm wrong, but didn't QCOM recognize sales (and perhaps profits) from its "sales" to Globalstar? and then these funds were not actually received and had to be written off? i thought there was something like that in addition to the loan-related writeoffs. I smell a hatchet job. The reasons for it, given the recent slide, would be worth looking into. recall that this article came out in the WSJ on July 13--quite a ways before the recent slide. my take is that they were pointing out how it can be difficult to figure out what a co really makes when pro forma and GAAP differ widely.