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Technology Stocks : Leap Wireless International (LWIN)
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To: Jon Koplik who wrote (2571)11/13/2002 8:34:38 AM
From: Lance Bredvold  Read Replies (2) of 2737
 
Thanks Jon. Nice formatting. I read through the written stuff and was aggrieved by the last paragraph before the boiler plate. Sounds like the restructuring is pretty dangerous for us equity holders, don't you think? "Leap has requested a small participation..." sounds end stage and bad.
" Because Cricket is currently unable to fully repay the amounts
outstanding under its loan facilities and has been unable to raise new
funds that would enable it to repay such amounts, there is substantial
risk that the stock of the Cricket Companies has no value to Leap.
Similarly, if Leap's notes were declared due and payable, the
creditors of Leap would have claims in excess of the existing cash and
other assets held by Leap. Since Leap is currently unable to fully
repay the amounts outstanding under the indenture and has been unable
to raise new funds which would enable it to repay such amounts, there
would likely be no assets available for distribution to the
stockholders of Leap if the obligations under Leap's senior notes and
senior discount notes were to be accelerated. While the management of
Leap has requested a small equity participation for the Leap common
stockholders in a restructuring, there is a substantial risk that
Leap's existing stockholders will lose all of the value in their
investments in Leap common stock in connection with any restructuring."
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