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Technology Stocks : Leap Wireless International (LWIN)
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To: A.L. Reagan who wrote (2350)7/3/2002 1:02:24 PM
From: pcstel  Read Replies (1) of 2737
 
Now that doesn't seem to make sense. If you were LU, you would want paper that was merchantable, as well as collaterizeable for your own debt - which no LU lender would ever accept if the VF asset could only be held by LU.

Well, I guess that was a little confusing. Let me put it another way.. LU is required to HOLD at least 51% of the outstanding Vendor Debt.

In other words. They can sell up to 49% of the debt, if their is a market for same. And the non-LU holders of the VF debt can vote! But, it makes little difference in the long run. Becuase Lucent holds controlling interest (aka at least 51%)

PCSTEL
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