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To: Barron Von Hymen who wrote (14081)	11/13/1997 2:17:00 AM
From: Gerald R. Lampton	Respond to of 24154

> but what about their legal fees? True, Sullivan & Cromwell are not cheap, at $300-400 per hour of partner time (Associates, who do the actual work at these big firms, are less). Neukom and his staff probably pull down a couple hundred thou a year plus stock options, too. As for the D.C. outfit, I'd guess they are local counsel. Their job is to sign and file the documents so the judge has someone local he can pick on should the need arise. So their fees won't amount to much. Still, if you add it up, I'd be surprised if the fees exceeded $1 million through the evidentiary hearing. You've got to figure, too, that Chairman Bill can always negotiate a flat or reduced fee if he sees a lot of hours on the horizon. >Also how do you feel about current valuations of MSFT? Well, as I've said many times, it's too high. That's based in part on traditional concepts of price earnings to growth rate ratios and in part on my rather unique view of Microosft's future prospects. >but overvalued based on >current and future litigation expenses. Don't underestimate the potential impact of a Microsoft victory in either the DOJ suit or the Sun suit (which I have not looked at carefully enough to have a view on).