Leap Wireless International (LWIN) Message Board

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Technology Stocks : Leap Wireless International (LWIN)

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To: pcstel who wrote (2127)	6/6/2002 11:03:56 AM
From: pcstel	Read Replies (2) of 2737

The difference between a Crisis of Confidence, and a real Crisis. biz.yahoo.com As many here know. I have been negative/short PCSA over the last six/eight months. The reason. Management! For instance. In this latest case! I examined Airgate's loan convenants and found that their IPCS division almost needed to DOUBLE their subscriber base in this quarter to meet loan covenants! A near impossibility! Yet, management did not provide any real detail about this covenant and the real possibility of violating it! Yet, the market seemed unable to understand the crisis that was waiting for Airgate, simply because no one took the time to look! Not one analyst downgraded the stock because of possible covenant violations, or even warned about such a possibility! As early as last week. Airgate's stock enjoyed a market cap 4X that of LWIN. No one said a word about anything remotely associated with a covenant viiolation! As a matter of fact. Only 13% of the float was sold short! On the other hand. LWIN has been downgraded, Short Sold to 40%of the float simply because management has been forthcomming on possible convenant shortfall in a Year and a Half from now! And so it goes, PCSTEL

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