WCOM Message Board - Msg: 17750743

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Technology Stocks : WCOM

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To: Oeconomicus who wrote (11327)	7/17/2002 11:32:26 AM
From: JimieA	Read Replies (1) of 11568

I think Williams Communications equity holders will get Nothing for there stock. The bondholders do get 55%, but Williams Cos. gets 45%. Williams then will sell their 45% to the new investor, who will also put up $150M to pay down the bank debt. A data point, but I think, not to your liking. >>BTW, another BK data point for consideration: Williams Communications had $5B of bondholders pre-BK as well as some amount of bank debt. They gave up 55% of the equity to wipe out half the bond debt. A new investor added a little money to pay down some bank debt as well. Not as good a deal as Covad got, but not the end of the world either.<<

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