GST Telecom (GSTX) 4th quarter earning Message Board

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Technology Stocks : GST Telecom (GSTX) 4th quarter earning

GSTX 0.000300

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Oct 31 9:30 AM EST

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To: Rob Preuss who wrote (349)	6/14/2000 10:30:00 AM
From: Rob Preuss	of 369

Last Monday, GST said its deal with Time-Warner will not proceed! This is good news as we investors now have some hope of selling the assets at a decent price. Rob Monday June 12, 9:23 am Eastern Time GST deal with Time Warner off, will turn to auction TORONTO, June 12 (Reuters) - Bankrupt local exchange communications carrier GST Telecommunications Inc. (Nasdaq:GSTX) said on Monday that it will proceed with an open auction for all of its assets rather than a sale to Time Warner Telecom Inc. after the U.S. firm failed to reach a deal with GST. GST said it will seek approval for an open bid from the District Court for the District of Delaware. ``Given the interest shown by a number of other bidders, the committee's commitment to support the company's efforts to arrange for financing, and the committee's support of an open auction process, we believe we are taking the right steps in proceeding with an open auction,'' said Tom Malone, GST acting chief executive in a statement. GST filed for Chapter 11 Bankruptcy protection in May, after being saddled with $1.2 billion in debt due to its attempt to gain a foothold in the hotly contested competitive local exchange market (CLEC). Time Warner Telecom (NasdaqNM:TWTC - news) said in a separate release that it was unable to reach an agreement to purchase GST's assets on terms acceptable to Time Warner Telecom, however ``we remain committed to our previously stated aggressive geographic expansion plans.''

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