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Technology Stocks : Winstar Comm. (WCII)
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To: Bernard Levy who wrote (12119)9/20/2000 10:36:47 AM
From: Robert Scott   of 12468
 
It may be but it seems to me that this situation is very similar to what happened in 1998 when capital markets dried up. The companies dependent on debt got slaughtered but those that had a solid business plan were able to secure vendor financing, credit lines, etc to get them through the tough times. As I understand it, WCII has financing through their intermediate business plan (next year). What concerns me is that eventhough they are making progress on EBITA, they seem to ignore the realities of the markets. I for one would like them to slow down their expansion and focus more on-net and growing their existing markets. They've got to get their burn rate down when you include the net interest expense (about $110M per quarter). This expand at any cost mentality is a luxury now I believe. Is the company worth $4B with losses through next year? This represents a 6X revenue number on next year's numbers and I'm beginning to wonder.
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