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Strategies & Market Trends : Trader J's Inner Circle -- Ignore unavailable to you. Want to Upgrade?

To: Trader J who wrote (7385)	2/2/1999 7:08:00 PM
From: wiley murray	Read Replies (1) \| Respond to of 56533

TJ:NAVR:IPO Announcement Information: Talk : Web/Info : Audio and Radio on the Internet- NAVR To: Bruce Denney (5915 ) From: AJ Berger Tuesday, Feb 2 1999 6:41PM ET Reply # of 5920 Here's what Chuck Cheney, CoFounder of NAVR just told me. NAVR announced its intention to do a NetRadio back in July'98. The 60 day period we all keep talking about is based on the 12/09 CNBC interview where NAVR felt comfortable admitting that they hoped to file the S-1 for an IPO within the next 60 days. So during this whole period, as far back as July'98, NAVR in essence has been in a quiet period regarding the IPO. Anyway, what Chuck Cheney did tell me is that the S-1 IPO filing has been composed, but when or if it will actually be filed we will just have to wait an see. I also asked if it's reasonable to expect some press release regarding the S-1 filing should in fact this 60 day period elapse without any news. Chuck told me that NAVR's Lawyers have advised them that they only need to make such a press release if in fact the actual S-1 filing is to occur several weeks after the expiration of this 60 day period (where they felt comfortable admitting to the media regarding the S-1 filing). He seemed pretty cooperative, so I did not want to press him for an exact date, so basically we can conclude that this Friday or Monday is NOT any sort of deadline that NAVR feels any pressure to meet, and in fact they may go a week or two later until we get to hear anything regarding the S-1 IPO filing. Chuck was sympathetic to our anxiety here, but the lack of actual commitment coupled with their need to remain quiet about any details will continue to make this a waiting game. I really hope people reading this can get the word out, or we'll see a dramatic drop in this stock price thru Monday if NAVR continues being quiet about their S-1 IPO filing intentions from other investors who think this date is somehow written in stone (like I was a few hours ago). This is my personal observation from the conversation: I did not get any impression that Chuck was trying to hide the idea that NAVR would Not file the S-1. He almost sounded as miffed as we are that it has not occurred already. Without putting it into works, I got the impression that Lawyers, Accountants, and Wall St. Firms are all contributing to the delay, and these guys wanna get it out the door already, if only those pencil pushers would let them! Remember boys and girls, Chuck may have good intentions, but the bottom line is if the underwriters they are courting don't like the way this deal is set up, then it won't fly no matter how much the management of NAVR wants it to. Now I'll shut up, and go warm the Bench. Pass me a Slim Jim, will yah?!...