D2,
SWKS is no longer attached to CNXT, except for a note due June 2003 for $150 mil for the Mexicali assembly and packaging facility bought from CNXT. SWKS has the cash ($90 mil) and line of credit ($100 mil) to cover this, and will be generating positive cash flow by early 2003, if not sooner (One of those positive surprises). In adition to previously announced asset sales ($40-$50 mil), this should not be too big of an issue. Management has said they are very concerned about dilution and will do everything to avoid dilution with regards to this note, and I have seen a Piper research report that clearly details how they can pay it off without any stock offering. I expect this to be dealt with during the next CC, and for this issue to go away.
So SWKS is indeed its own entity, has a management team that loves to compete, and has the product breadth and technology, and now the 'crtical mass' to win share on price over its competitors while maintaining and expanding margins.
A-M-S
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