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

To: Gregg Powers who wrote (8578)	2/17/1998 12:19:00 AM
From: Valueman	Respond to of 152472

Gregg: Here is the quote from Globalstar's last debt offering: Commencing on the In-Service Date, Globalstar will make distributions to LQSS equal to 2.5% of Globalstar's revenues up to $500 million plus 3.5% of revenues in excess of $500 million. Loral and Qualcomm ultimately will receive 80% and 20% of such distribution, respectively. So, get back to work on that spreadsheet and give us some updated numbers!!!

To: Gregg Powers who wrote (8578)	2/21/1998 11:51:00 PM
From: Valueman	Read Replies (1) \| Respond to of 152472

Gregg: You now have all the info you needed about valuing QCOM's stake in Globalstar(am I beating a dead horse or what?). I think it is important when investing in a company based on asset values that those assets are correctly priced. I have given you the management fee-split directly from the partnership filing with the SEC(80% Loral, 20% QCOM). So, what sayeth you? Can I get any more than that $180 million? Another way to look at it. If you are giving QCOM's partnership units a value of $180 million, then all the non-GSTRF partnership units would presently have a total value of $1.8 billion(for 70% of total partnership). GSTRF currently has a value of $2 billion for the 29.3% that it owns. That is a hellish liquidity discount. If that is true, maybe I can get those Korean companies to sell their 6 million units at an even bigger discount! They need cash, don't they??? Mr. Templeton would be proud.