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To: mike iles who wrote (34957)	6/15/1998 10:46:00 AM
From: Zeev Hed	Respond to of 53903

I am not betting that MU will survive, frankly, I do not know if they will or not, and this issue is more political than financial. Some of the poker players will have to fold, I have no idea who will fold first, LG, Hyundai, Samsung or MU. Capital Noresearch must have been shown some very interesting "projections" to accept this convertible paper at a conversion ratio well above 4 times book. Just like MU has managed to sell off chunks of MUEI over time to generate some cash, it is possible that their skunk work (displays, microbatteries and RFID) is creating another outfit they can IPO at "respectable" multiples and generate additional cash. In the corporate world selling your children out to survive is not considered sinful. MU is not like PMAT (later TRKN), which on the day of the acquisition of Electrotech, I called it a possible "terminal" case. I do not see the same tell tales signs. Zeev

To: mike iles who wrote (34957)	6/16/1998 12:43:00 AM
From: Skeeter Bug	Read Replies (1) \| Respond to of 53903

mike,david does the weakest research i think i've ever seen. he goes to si chump charts and says mu is "tracking" the sox when mu rose 1.6 times higher than the sox. that like saying my leaping ability "tracks" michael jordan's ability. duh weeeee, we are both going up, right? when explained he played (????) dumb. anyway, i thought about questioning whether that $935 million was actually all mu's b/c he is the type to miss such things. however, i didn't want to research itand didn't want to toss allegations of knuckleheadedness w/o it. i thought that was something he would "miss," though. his "research" isn't wrapped very tight, if you know what i mean. ;-) so, mu has $600 million to spend. that is 3 qs of losses, give or take 1 q, and mu has lack-of-moulah disease. this includes the q they are about to report. hmmmmmm... oh, and this assumes absolutely $0 in capexes. i mean, that is reasonable as mu said that they only wanted to spend about $1.6 billion this year. that shouldn't "inconvenience" them too much ;-) let's say they spend a bare bones $200 million on cap-exes. after all, i'd hate to see these boys miss out on the new drams coming down the pike. you gotta pay to play :-) they must liquidate $200 million in assets near the bottom of the cycle. pure genius, boys from boise. pure genius. those mbas from idaho cc sure did provide a nice edumacation, huh? of course, mu must start the liquidation game. i expect the fire sale of muei to start pretty soon. not sure what they can pull in for it, though. the funny thing is that all the dim bulbs actually think that mu can afford to buy txn's dram operations. why? so they can go out of business even quicker? of course, in 2 qs david will tell us that mu is out of cash as though it is news. HO HO HO HO! ;-) HO HO HO HO HO! let's see... grimey loved bre-x and mu. HO HO HO HO! what does he love now? maybe it isn't to late to play it down to zero ;-)