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Pastimes : Home on the range where the buffalo roam

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To: Venkie who wrote (5086)	12/13/2001 3:39:32 PM
From: stockman_scott	of 13815

13:14 ET Covad Comms (COVD.OB) 1.39 +0.64 (+85.3%): Experiences a surge in price on news that a bankruptcy court approved co's reorganization plan. The plan completes the pre-negotiated bondholder agreement that eliminates $1.4 bln of high-yield and convertible bondholder debt for approx. $257 mln, or $0.19 on the dollar. According to Covad, shareholders will retain approx. 80% of the company. "We believe we are the first of the emerging telecommunications companies to exit successfully from bankruptcy with existing shareholders maintaining a majority interest."

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