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Technology Stocks : Nextwave Telecom Inc.

WAVE 5.610

-1.9%

Dec 29 3:58 PM EST

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To: Derrick Kim who wrote (20)	12/5/1996 9:23:00 PM
From: Jean Muehlfelt	of 1088

I checked the last article in 12/2/96 issue of RCR Publications, the weekly newspaper for the wireless industry. There seems to be a discrepency as to the percentage of SURF owned by foreign investors. With the percentage so high, they're trying to provide for a margin when the company goes public. The current foreign ownership is at 23% and can only increase to 25% when it goes public. The article also mentioned that the FCC sent a "laundry" list of questions to SURF that needed to be answered. I'm assuming they're still answering the questions. Also noted in the article was SURF's answers to the FCC's financial-disclosure questions revealing a highly leveraged company with future buildout debt in the billions. It's debt-to-equity ratio is at 15.6:1 as filed with the SEC. There was very little mention of the IPO except that it will be used to raise more money.

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