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To: Lynn who wrote (10692)	3/8/1999 12:51:00 PM
From: katmando	Read Replies (1) \| Respond to of 27722

Good paper. Ah, who cares about today's price? We have an S-1 now!! I like the RB article's numbers because they are very close to mine (posting # 10572) and mine came largely from my first pass thru NAVR S-1. It's nice to be able to source my confusion. LOLOLOL. The NETR Offering of $33 Mil (we know this amt) over approx 2 Mil shs (my guess) yields $16 price. But, NETR is going to be issuing lots of shares (maybe 12 mil shs) to generate cash. NETR's valuation will climb from $200 Mil to twice that, maybe more, as NETR's price reaches $39, then drops off. I can't figure out how many NETR shs will be owned by NAVR but assume that all of the Offering shares, about 2 Mil. We will know at IPO. Likewise, NAVR will issue its own shares to generate its own cash. In addition, the bounce NAVR gets from spinning off NETR, a valuable piece which is worth $200 or $400 Mil, is why people will pay several or many times more for the stock of a company (NAVR) that was previously trading in the low teens. Then, when the fun is over and NAVR is flush with cash from issuing so many shares, it better become profitable or the shareholders will punish quickly. With all the shares flying, all the greedy investors and MMs...oh, what a grand time it will be. Kat PS. Don't talk to me about $6 mil in bad debt that NAVR may convert to equity stock and shovel into the fray too.