(LVLT) - Level 3 Communications Message Board

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Technology Stocks : (LVLT) - Level 3 Communications

LVLT 53.63

0.0%

Nov 1 5:00 PM EST

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To: Raymond Duray who wrote (3204)	7/8/2002 8:09:50 PM
From: David Klein	Read Replies (1) of 3873

Has anyone here read the note conditions that Buffett and Miller have extracted? Have they assumed seniority over other lenders? The notes are junior convertible subordinated notes due 2012 which means that the other debt has priority. This debt may end up being converted to preferred stock depending on future events otherwise it is convertible into common. It is interesting to see Buffett invest in a technology stock that has no earnings. The CC should be interesting. If CSR projections for Q3 do not start going up the stock should head south. I'd like to know what Buffett based his decision on but I doubt he will spell it out for the public.

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