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To: Ruffian who wrote (29337)	5/6/1999 5:33:00 PM
From: Art Bechhoefer	Read Replies (1) \| Respond to of 152472

Michael, it looks like Merrill Lynch is still on the low side on estimates for this year and next. First, they continue to underestimate the rate of subscriber growth and related royalty payments. Second, they don't pay enough attention to other business elements, including Globalstar contract fees, OmniTRACS, etc. Third, they may have underestimated deferred sales (to Russia, Ukraine, etc.) and their impact on future earnings when those sales are finally recorded.