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Technology Stocks : Qualcomm Incorporated (QCOM) -- Ignore unavailable to you. Want to Upgrade?

To: Keith Feral who wrote (111663)	1/25/2002 2:38:21 PM
From: JohnG	Respond to of 152472

A comment was made during Q&A that an agreement was reached w/ Pegaso shareholders to spend $60MM to prepare Pegaso for sale. Q has agreed to fund $35MM of the $60MM .

To: Keith Feral who wrote (111663)	1/25/2002 3:08:22 PM
From: A.L. Reagan	Read Replies (2) \| Respond to of 152472

Yes, the $50 million was the Vesper charge - but that doesn't write-off the exposure for the future. Remember when they started taking charges on G*, and until the final flush there was still that exposure, that kept on dribbling out. And ya gotta wonder about $60 million more down the rathole "to get Pegaso ready for sale." Talk about a fixer-upper. Egads. W/r/t Jeff Jacobs and his Doofus division, the goals are admirable, and obviously there have been some gems over the years amongst the chaff. In general, I do feel that the Doofers have a tendency to overpay for what they get - the most recent being the Reliance (India) deal. From a former life many years ago in telecoms (the telex biz, that's how long ago it was) I remember these Reliance people. In fact, the young nephew of the top dog was sent to my company to train under me and one other exec for a two-year period. They are a bunch of wily entrepreneurs who really know how to work the system - and were always hitting us up for one kind of wild financing scheme or another. Getting repaid was sometimes a bit of a challenge, but we did. (In my old telecom days I actually presided over what was internally known as the "doofus division" - which as a result of many clever purchase accounting manoevers from this Andersen alum showed quite a healthy P&L vis a vis the parts of the business that actually did things. Our publicly-traded corporate masters just loved it - but they started pushing a little too hard for ever more creative accounting - and I was outta there. In reality, few of the "emerging ventures" investments I participated in panned out - we tried a variety of things with not so good results. About a year later the whole corporate shebang collapsed a la Enron and more than one of my former corporate masters ended up fitted for orange jumpsuits in federal prison.)