Leap Wireless International (LWIN) Message Board

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Technology Stocks : Leap Wireless International (LWIN)

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To: Maurice Winn who wrote (2339)	7/3/2002 1:40:25 AM
From: pcstel	Read Replies (2) of 2737

Actually Maurice, I believe they (LU) have been selling the vendor debt at quite a discount for some time now. But, I agree with you. When you start out in a Vendor Finance arrangement. The Vendors have the power. As you use up all of your available VF amounts. Suddenly, the borrower becomes more powerful. Like you said. I would not be in a hurry to cause trading problems for Leap. Especially, when you major collateral (spectrum value) has gone down the tubes. As a matter of fact. I would be trying to reduce the "risk profile" of the company any way I could. After all, they have already tapped most of the commitment from the vendors. So I would think those covenants are really just a formality at this juncture PCSTEL

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