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Technology Stocks : IATV-ACTV Digital Convergence Software-HyperTV -- Ignore unavailable to you. Want to Upgrade?

To: Steve Hausser who wrote (2005)	4/14/1999 9:48:00 AM
From: Mike Fredericks	Read Replies (1) \| Respond to of 13157

Don't know if people mentioned this yesterday, but the thing I found most striking about the latest Liberty/IATV deal (quoted from today's Bridge press release): Exercise of the options over the next 24 months would result in investments of approximately $50 million. Liberty must exercise each option sequentially, or the remaining options expire. Liberty didn't just buy options with an $18 strike. They bought options where every so often (don't know what the time period is) they must buy more IATV or forgo the remaining options. To me, this doesn't sound like a company buying options; it sounds like a purchase plan. Liberty made the down payment and now they get to make payments every so often for the next couple of years until they get 25% of the company. This means that IATV isn't getting bought out by anyone else, so let's not even contemplate that scenario any longer. The folks at Liberty really must like IATV and this way they get to own 25% of the company without putting all the money in at once. -Mike [P.S. reminder - if you are an altavista or hotbot user and wouldn't mind helping me with my class project, please visit cs.umd.edu ]