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Technology Stocks : Lodgenet Entertainment -- Ignore unavailable to you. Want to Upgrade?

To: Keliven Wong who wrote (26)	5/28/1998 12:50:00 PM
From: Tokyo VD	Read Replies (1) \| Respond to of 79

KW, Charlie Munger. Wow, you must be a bigshot to have an audience with him. Was Warren around too?? The reason for the loaded language was that I took your original message the wrong way. You sound like you are looking are information, but I disagree with how you are looking. I don't think this company can be valued based on EBITDA because I disagree with value of the asset. When the contract expires (and they do) or the hotel is sold to a competitor, LNET doesn't own anything of value. What are you going to do with the cable in the walls of the hotel? The boxes are quickly obsoleted. If this was such a great business, why did they buy a cable provider? What value did this bring shareholders? Why wouldn't satellite television obsolete this delivery system? Tokyo