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Technology Stocks : Covad Communications - COVD
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To: clot who wrote (4078)5/1/2001 9:55:23 AM
From: BWAC  Read Replies (1) of 10485
 
Whats more baffling is these bondholder surely knew COVD's business plan for the use of this money, and its business plan in general was to use the borrowings to fund the dsl buildout. COVD has proceeded along in conjunction with this plan, for the most part meeting its goals of customer numbers.

What has changed is the markets willingness to let business plans unfold and support these plans with money until they can support themselves. Originally COVD investors and bondholders were gungho for expansion. And fast expansion. Expansion at any cost. This is what these bondholders put their money up for. COVD was using it as they set forth in the prospectus.

And now these sophisticated professional bondholders are whining about how COVD is using the money? Give me a break.

Of course I have to say they are right, given the abrupt change in climate for future necessary funding for COVD. Times have changed. And its these type panicked goofballs that changed them. Right in the middle of the make or break point of the business plan.
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