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Technology Stocks : Ampex Corporation (AEXCA) -- Ignore unavailable to you. Want to Upgrade?

To: Hal Campbell who wrote (8201)	5/7/1999 10:47:00 PM
From: flickerful	Read Replies (1) \| Respond to of 17679

<<I have often averaged down in stocks but this will be the first time I have averaged up >> hal.... i would say this is an excellent sign, and honestly, the way it's supposed to be. you have just given us all a great indicator.... in my [ sometimes overly imaginative ?] opinion. regards, randy

To: Hal Campbell who wrote (8201)	5/8/1999 1:32:00 AM
From: B. A. Marlow	Read Replies (2) \| Respond to of 17679

Wouldn't soon expect any IPO noise, Hal. For a conservative firm like AXC, it seems much too early for an IPO. Let's look at it. First, from a strategic perspective, AXC shouldn't want to IPO its properties individually. It should want to get the "four horsemen" (Reiter, TVW, AENTV and AXCTV) up and running (which includes getting the deals done and facilities built). Then, it should want to make some major strategic alliance announcements (including, perhaps, investment commitments from major players) and get merchandising initiatives into high gear. Arguably, another acquisition or two should be added to the package, say something like audio/video search, e-commerce systems or Internet-based, off-line back-up services. If AXC has technology to contribute to streaming media, that needs to be announced, rolled out and woven into the portfolio. Next, the whole AXC Net group needs at least one quarter of solid revenue and traffic growth behind it, preferably two. Finally, the whole group should be offered as an IPO, not one unit at a time. The Street's looking for elegant stories, preemptive strikes and master-brands, not a bunch of BB IPOs. Certainly, Ed B.'s way ahead of this curve: he's bringing in the resources to make it happen. If AXC plays its cards right, the IPO could raise $100 million; the only issue is how much equity to give away for the money. ("Think small.") Also, we should plan to lobby for a piece of the IPO (or at least warrants) to be separately awarded to current shareholders. Realistically, we shouldn't look for an IPO in calendar 1999. Think we're into Q1 2000 or later, even for a filing. The good news is that individual investors first, then the Street, would see this coming three months in advance and bid up AXC's stock quite handsomely. An excellent precedent for what can happen prior to a spin-off IPO is the history of DBCC from say, October to January, when MKTW went public. Here's the chart: techstocks.com So what's on deck for the annual meeting? We should be looking for news of new technology, branding, strategic partnerships/investments, and a major update on the AXCTV venture. If we can get visibility on at least 3 out of 4, the rest of the story will quickly fall into place. BAM P.S. Incidentally, CBS and other "old media" generals notwithstanding, there happens to be one "new media" company ideally suited for a major strategic alliance with AXC: GNET!