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Technology Stocks : AWE - ATT Wireless

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To: bruiser who wrote (327)	2/18/2004 10:36:37 PM
From: the navigator	of 329

Hi bruiser, and i can almost bet that the upper 10% of management in all companies made an absolute killing from all of this. This would be a classic example of that exact scenario. I have a very close friend who has worked at AT&T Wireless for several years. Four years ago, the company was doing great. They had a good reputation and good ideas. They were competitive and growing. Then Zeglis came along, took the company public, and made an IPO available to the employees at $29.50/share. He also handed out some options at that fabulous price (they will expire worthless, of course). As I said before, some employees mortgaged their homes to buy into this company. Here we are four years later. The company has been run into the ground. See the latest Consumer Reports. ATTWS had the lowest rating of all wireless carriers on all measurements. Zeglis and his buddies have sold the company they mismanaged. There are various reports as to their reward, but conservatively, they'll walk away with 3 year's pay, 3 year's bonus and stock they'll redeem for $15/share. I've read they'll pocket $6-$9 million each. Where's the accountability in that? The employees? Oh yeah, them. They're wondering where they'll be working next year.

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