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Entropic Communications filed on July 27 to raise $100 million in an offering; later, that was revised upward to a maximum of $126.5 million. The company's most recent amendments to its filings were this month, so it intends to go ahead. Entropic develops and markets systems permitting high-definition television and other multimedia entertainment to be delivered throughout a home. This company, too, has never been profitable, and it has a cumulative deficit of a whopping $91.8 million. Its net asset value is minus $10.60 a share. If it goes public at $10 to $11 a share, as tentatively planned, the stock buyer will start out in a deep hole. The insiders paid an average $3.79 a share. Entropic says it can't talk because it is in a so-called quiet period, the time leading up to a public offering when, generally, a company is not supposed to comment beyond what is in the public record.

So today's big questions: Was the strong tech IPO market a bubble, and is it bursting? And if so, will it carry along the overall market and the economy? Watch carefully.

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