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EFTA00300965

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on page 22) EFTA00300985 Page 22 Alex Magaro rich valuations. What happens to enable Meritage to b

10. I also spent time with Howard Jonas and felt he was a re- engaged and re-energized executive. He previously sold an entertainment company to John Malone, so I knew he was capable of monetizing assets to legitimate buyers. In fact, Howard had recently spun off an interesting collection of assets—a

EFTA00300912

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s are all risk averse. None of them need to get rich; their goal is to stay rich. It's a big differen

ch helps them utilize their capacity better. It sounds like you like the business units. What makes it especially interesting to you today? JS: John Malone has been very vocal about the importance of content to serve as a differentiating factor for distributors on a go-forward basis. He's demonstrat

EFTA01964373

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mproved technology will make it possible to have rich, human electronic exchanges, but at present E-ma

icrosoft would own the software in the machine. Gates would like to retain the rights to the software; Gerald Levin, the C.E.O. of Time Warner, and John Malone, the C.E.O. of T.C.I., will e‘• not want to give Gates those rights. If Gates does succeed in providing the operating system for the new machine,