| To: biffpincus who wrote (66) | 6/2/1999 7:58:00 PM | | From: Don S.Boller | | | |
biffpincus: FOR THOSE HANGING ON (I sold today)...IT WILL
BE VERY INTERESTING TO SEE...How Alex Mandl and John Malone
mesh...with a divided BofD too. These are two powerful men
and could be an oil/water mix...
BWDIK
Best,
Don |
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| To: Don S.Boller who wrote (67) | 6/3/1999 12:14:00 AM | | From: biffpincus | | | |
"...IT WILL BE VERY INTERESTING TO SEE...How Alex Mandl and John Malone mesh ... with a divided BofD too.
These are two powerful men and could be an oil/water mix..."
Agreed, I really think that Mr. Malone is quite the character and a savy investor - but it could be a strange little mix between the two of them ... The Berkmans were the ultimate in letting their hired thoroughbreds run the race - they had deep pockets and were hands
off : if you were a CEO, you couldn't have better backing ...
What a deal Mr. Malone got (at the expense of current shareholders) ... I still haven't figured out the status of the "tax free" gains this sale represents to shareholders ... does selling now before the deal closes cause a more significant taxable event than if one waits? Am interested in anyone's take on that subject.
biff |
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| To: biffpincus who wrote (68) | 6/4/1999 5:30:00 PM | | From: zebraspot | | | |
If you get and hang on to the tax-free shares in Liberty and T, you might benefit eventually from the good deal that they got from AGRP.
The fact that Malone is suddenly interested in the fixed wireless service industry seems to confirm its great future.
After thinking about it, I think I'll keep my AGRP shares, and buy more TGNT, NXLK and WCII on dips. |
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| To: zebraspot who wrote (69) | 6/4/1999 5:55:00 PM | | From: zebraspot | | | |
Just saw this:
The Wall Street Journal Interactive Edition -- June 3, 1999
Tech Center
'Fixed Wireless' Is Attracting
Investments From Big Firms
By LESLIE CAULEY and NICOLE HARRIS
Staff Reporters of THE WALL STREET JOURNAL
It's called "fixed wireless," and it has fast become a fixation for many big communications companies.
In recent weeks companies including MCI WorldCom Inc., Sprint Corp. and the Liberty Media unit of AT&T Corp. have
spent billions of dollars to establish beachheads in this "broadband" technology. The service is attracting attention because it
allows companies angling to sell interactive video, Internet connections and phone services to reach potential customers
directly -- rather than having to pay tolls to go through the regional Bells, or to build their own expensive wired networks.
As the name implies, fixed wireless is a stationary wireless service. Networks typically include a series of "base stations"
armed with wireless antennas that are connected to other gear. Customers usually need a rooftop antenna. The services
offered, which can include high-speed Internet access and traditional local phone service, are often offered at deep discounts
from the rates charged by traditional providers.
Nobody is making any money on this yet -- in fact, most purveyors of the technology are bleeding a lot of red ink. But some
of the country's savviest high-tech investors see great potential.
Sprint, one of the more bullish spenders, recently announced $1 billion of deals to gobble up People's Choice TV Corp.,
American Telecasting Inc. and Videotron USA, a subsidiary of Canadian cable giant Le Groupe Videotron Ltd. Meanwhile,
MCI WorldCom is paying $350 million to buy CAI Wireless Inc., based in Albany, N.Y., and recently announced plans to
buy two more wireless companies for a total fixed-wireless investment of about $1 billion. These acquisition targets all
provide wireless cable services, which are considered part of the fixed-wireless family.
Another new convert is cable magnate John Malone, chairman of Liberty Media Group. Earlier this week, Liberty announced
plans to buy Associated Group Inc., the largest shareholder of fixed-wireless company Teligent Inc. The all-stock deal valued
at around $2.8 billion, plus the assumption of $187 million in debt. The transaction would give Liberty a 41% stake in
Teligent, considered a highflier in the fixed-wireless world, and a seat on the company's board. Teligent, based in Vienna,
Va., provides businesses with high-capacity telephone and Internet services via rooftop antennas in more than two dozen
markets across the U.S.
Given Liberty's reputation for making smart technology bets, the deal caught the attention of Wall Street. Investors sent
Teligent shares soaring by more than $5 on the day the Associated agreement was announced.
Demanding Customer Base
Liberty said the move was a slam-dunk, considering the growing needs of the broadband audience and a demanding customer
base that needs to move information quickly and seamlessly. "As we continue to move into broadband networks, there will be
more information flowing and a greater need to move information quickly," said Gary Howard, Liberty's chief operating
officer.
Still the technology isn't flawless. Some early fixed-wireless systems proved temperamental. Rainy weather faded the service,
and the line-of-sight technology was difficult to install in dense areas.
But analysts agree most of these issues have been solved through technological advancements, and better planning and
construction of systems. "Over time, these companies have demonstrated that the system works," says Ken Hoexter, an
analyst with Goldman, Sachs & Co.
While big-foots such as Mr. Malone's Liberty capture headlines with wireless purchases, smaller carriers are quietly pushing
for their piece of the action, too. Qwest Communications International Inc., a tiny telecommunications company with big
ambitions, agreed earlier this week to invest $90 million for a 19% stake in Advanced Radio Telecom Corp. And a raft of
other buyers are sniffing around for deals.
The wireless race, by all indications, is just getting started, adds Mr. Hoexter. "Since the market dynamics are changing so
quickly, if you blink you might miss the boat." |
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| To: biffpincus who wrote (64) | 6/9/1999 2:13:00 PM | | From: Tecinvestor | | | | |
The Berkmans have created a legacy for themselves as a result of the Liberty Media deal. IMHO, they ultimately will be remembered as management who arrogantly disregarded AGRP's shareholders while ensuring a place for themselves in their long term alignment and affiliation with John Malone. |
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| To: biffpincus who wrote (68) | 6/11/1999 10:50:00 AM | | From: Tecinvestor | | | |
Biff:
See my Post No. 348 on the Yahoo AGRPA thread.
As I see it, from now until the Liberty Media acquisition is either aborted or concluded, AGRP will move consistent with LMG.A and T. TGNT and TruePosition will no longer be factors in the movement of AGRP.
If you believe Liberty Media's acquisition of AGRP will go through (and there is every likelihood that it will, given the Berkmans' lock on the vote), it seems to me that the prime consideration of whether to hold AGRP depends upon whether you want to end up holding LMG.A and T stock without having to pay the capital gains you have made on AGRP.
Personally, I am going to see what happens with LMG.A and T over the next few weeks before bailing out of AGRP. There is no longer any interest or excitement for me in AGRP (the prospects of a big move as a result of a TruePosition announcement, as well as an acquisition at a premium, are now dead) and the only thing we can look forward to is the upward movement of LMG.A and/or T.
I would add that both LMG.A and T appear to be attractive plays and, assuming a market rebound, I would not be surprised to see AGRP move up based upon the upward movement of LMG.A and T. |
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| To: Tecinvestor who wrote (72) | 6/11/1999 12:49:00 PM | | From: zebraspot | | | |
>>I would add that both LMG.A and T appear to be attractive plays <<
Gilder just trashed T in his most recent letter. Said, for all the recent sound and fury, Armstrong has not created a powerhouse for the telecosmic future. |
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| To: IJReilly who wrote (75) | 1/28/2000 2:12:00 AM | | From: biffpincus | | | |
Thanks IJ for the update ... I had forgotten to mark the closing date in my calendar.
And thus, closes the chapter on one impressive investment (and, also my very first one).
Congrats to a small family business that hit the big time -- and CONSISTENTLY did very well for its stockholders over the course of the last twenty years. Well done!
biff |
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