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Technology Stocks : CellularVision (CVUS): 2-way LMDS wireless cable.
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To: Jeff Guy who wrote (784)12/20/1997 10:28:00 AM
From: James Fink  Read Replies (1) of 2063
 
I checked out CVUS' 10-Q from November. It is not a pretty sight! Cash has fallen from $19.6 million at the beginning of the calendar year to $4.27 million at the end of September 1997. Total current assets have similarly fallen from $21.15 million to $5.96 million. At the same time, total current liabilities have INCREASED. All of this financial bleeding has severely destroyed shareholder equity, which has fallen from $26.95 million to only $15.73 million. This number, fortunately, does not include the value of the N.Y. license because CVUS obtained it for free.

I believe in LMDS technology, but CVUS might not be around to enjoy it. They are running out of money! Granted, a $40 million loan may be coming from Fleet National Bank, but this is not a sure thing.

Hopefully, the LMDS auction will take place as scheduled on February 18, 1998 so that a value can be placed on LMDS licenses and investors can be assured that CVUS owns a license worth something substantial. However, the U.S. appellate court is holding oral argument on the Bell Company lawsuit on January 16, 1998 and it may not reach a decision by the time of the scheduled auction. The court, therefore, may issue a stay of the auction until it decides BOC eligibility. That would be a disaster! I don't think CVUS can survive financially if the auction is delayed yet again.
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