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To: Joe Brown who wrote (3063)	2/22/1999 11:46:00 AM
From: djane	Read Replies (1) \| Respond to of 29987

briefing.com. Iridium World Communications (IRIDF) 24 1/2 -2 13/16: CE Unterberg Towbin reiterates "buy" rating on mobile telephony systems company after stock falls on Friday on rumors that company will not meet bank covenants; does not believe that company is in any danger of foreclosure and thinks long-term picture is intact; cautious about how fast demand will actually build in the short-term; expects 210,000 subscribers by year-end, compared to company goal of 500,000 to 600,000 subscribers..... 10:00 -- 11:00 ET (Updated throughout the hour)******

To: Joe Brown who wrote (3063)	2/22/1999 7:49:00 PM
From: Maurice Winn	Read Replies (2) \| Respond to of 29987

Jack, don't forget, the two sold were from one shop, not the whole of Akihabara which probably has several shops selling them. So many handsets would be needed as demonstration models it would take time to fill the channels. It is still early days. If Iridium has 1.5bn minutes to sell and they hack their price to 50c per minute and their handsets to $1000 they'll sell heaps. The handsets would be very profitable at $1000 and the minutes would sell quickly. After a year or two when demand is roaring, they could raise the price to a market level - maybe $1 or even $2 per minute. With operating costs low, that would give $2bn most of which would be profit. Say they just run the system for 6 years then ditch it, they would collect $10bn. The system cost about $5bn, so that leaves a few hundred million per year profit - say $700m. So a market capitalisation of around $7bn is reasonable. Have to go, but how does that sound? Maurice