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Technology Stocks : Winstar Comm. (WCII)
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To: Steven Bowen who wrote (5138)4/14/1998 3:00:00 AM
From: SteveG   of 12468
 
<..Automatic conversion is still not clear...>

I think if the company CAN, it WILL.

<..since we're in the third of 5 years, the price level is somewhere in the 40 to 41 level...>

Saw that in the 10K too. Anyone have the '95 prospectus which is explicit?

<..Anyone with any thoughts as to if this could be a reason for Comforts downgrade? Could this become a tug of war between the company
and MS..>

Exactly the point I was making. The dynamic seems to be to retire the 14% paper or not. Eventually it happens.

<..Or is it just totally a coincidence that Morgan Stanley was underwriter for the convertibles and they just happen to be getting close to converting?..>

Close to a "premature forced" conversion...no coincidences, just politics. STILL, the idea that an analyst would be so BLATANT with this, and just after WCII gave MS a piece of the recent deal. Guess who has to watch on the sidelines uninformed as WCII goes through it's paces?

<..The balance on the convertibles is probably just over $100 million...>

Why do you think that the other $125MM is already gone?


<..If they are converted this month (at 20 5/8), this would add (remember that dilution word) a little over 5 million shares to the current outstanding...>

This is already accounted for in most DCF models (both current and soon to be released). There MAY be some selling pressure, however, for those that would sell WCII, and some further buying ops.

Steve
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