captaintime, I just read the annual report, and while this is a "gutsy" company, I still think that there are a lot of "unknowns" that may have a negative impact and not let them get to the promised land of positive cash flow. A lot of debt, a pair of satellite that may or may not fail (defective solar cells?), commitments to buy additional satellites (at $200 MM a throw?). In April they have increased the number of subscribers by less than 20,000, that rate surely will not get them to break even in one or two years... At the current bleed rate of about $120 MM (I am assuming that amortization cash is used in capex) the $193 MM of cash on hand will not last much more than a quarter or two.
They have been good at raising money, so, maybe, particularly if the stock market is "smiley" they can make it without too much dilution, but this is surely not a "sure bet".
Zeev
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