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Technology Stocks : Loral Space & Communications -- Ignore unavailable to you. Want to Upgrade?

To: Valueman who wrote (4267)	8/14/1998 3:30:00 PM
From: Rocket Scientist	Read Replies (3) \| Respond to of 10852

VMan: Can you speculate on the differences between your estimates and the June 98 JPMorgan estimates (as reported in the FAQ) ? VM JPM SS/L 6.00 2.96 Skynet 9.43 11.1 Orion 3.96 2.15 SatMex 2.64 0.8 G* 8.34 8.14 SubTotal 30.17 25.15 C* N/A 10.95 Total 30.17 36.1 Except for Skynet and G, your analysis results in much higher valuations of each part than JPM's. Also what do you think about their valuation of C? Thanks in advance for your thoughts, RS

To: Valueman who wrote (4267)	8/14/1998 4:28:00 PM
From: JMD	Read Replies (2) \| Respond to of 10852

Valueman, I parked the last load of LOR with my brother-in-law. How am I supposed to hide this next batch? Nice calcs! Mike Doyle

To: Valueman who wrote (4267)	8/16/1998 9:46:00 AM
From: Thomas	Read Replies (2) \| Respond to of 10852

Valuer, thanks! I have been looking for a refresher of that back of the envelope for a long time. Geoff, any chance of including a time seres of this sum of the pieces analysis in the FAQ?? That would be killer. BTW, why would you not include the CD Radio stake valuation? It is publicly traded, so easy to value, so too with (I forget which) Cyberstar or SkyBridge, once they do their IPO. I think it is a fair analogy to look at LOR as a sector specific closed end fund; closed end funds trade at discounts and premiums of up to 20% to NAV. Of course, these pesky CEF discounts have persisted despite the economists best efforts to explain them away, so LOR might not automatically trade up to NAV once veryone realizes its just a CEF with great management. . . An interesting analysis would be how to construct the NAV in order to put on an arbitrage trade on LOR. Of course for SS/L and some of the non-public efforts, you would have to find substitute publicly traded assets or just take that risk, but in principle there is "free" money to be made by buying LOR and shorting the components, especially since you get the LOR management and a bunch of other things for free. Just some sunday afternoon musings, but thanks again for taking the time to do the calcs. Ay chance you could post the formulas that you used to build up each of the pieces? Then we could all build our own arbitrage models! Cheers, Thomas