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To: Robert A. Sutherland who wrote (1916)	12/4/1997 1:56:00 PM
From: David	Read Replies (1) \| Respond to of 3506

Robert, just to add one fact to your TRMB description. They went public with about 14 million shares of stock, I believe, for a market cap of $140 million. Now there's about 25 million shares, and the market cap's up to about $500 million. Not great, I grant you, but a little better than the share performance.

To: Robert A. Sutherland who wrote (1916)	12/4/1997 10:19:00 PM
From: SKIP PAUL	Read Replies (1) \| Respond to of 3506

Robert, I dont quite understand your calculation of Ashtech's value. You have to value the company based on what the sellers received. Ashtech shareholders received $25 million in cash and 34% of Magellan in return for 66% of Ashtech stock. What is 34% of Magellan worth is what you have to figure out. Add that to 25 million and divide that by .66 to get the full valuation of Ashtech. >The Synergy between Ashtech and Magellan is great because...< Ashtech is definitely the more advanced company most of what you mentioned are Ashtechs products. So what does Magellan bring to the table? >Money? Well, Orbital has pretty deep pockets< Why should they send capital to a partially owned company? Not unless they are planning to into the banking business. Ashtech was planning to go public, at first the market for GPS companies did not help and then my guess is the bottom line got worse. Ashtech could have a better IPO than Magellan.