They are doing all the right moves to increase the longterm profitability of Igld. I also like their business relationship with Msft. If they had plans for any business expansion and needed capital I think that Msft would be a benefit.
They will end 2005 with around $22 million in cash and I expect Igld to generate an additional $16 million in cash in 2005. This is around $2 per share in cash and no debt.