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Technology Stocks : Winstar Comm. (WCII)
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To: Jason Cogan who wrote (5654)5/2/1998 8:46:00 PM
From: Alejandro  Read Replies (2) of 12468
 
<<Everyone of you is buying the common equity. Essentially, the last one in line to be paid.>>

Jason:
You are correct that others would be paid before the shareholders. However, this would only happen in liquidation. I never invest in an equity if I have to worry about bookvalue and liquidation and the amount of preferred who would have first claim. I do look at long term debt.

My gut feeling is that WCII has acquired more assets than I thought they would. I expected debt to buildout the system. The bankruptcy acquistions made sense. The 15 % of ARTT I don't understand yet. On that point, I rely on management. They have been doing fine.

On the discussions by others on Vector ratings etc. The 3.80 is bogus. I don't follow that logic. As has been stated, if one were to follow it, there are many good shorts. Also, I don't rely on ValueLine. It is earnings driven and therefore throws 5's for timeliness and safety at startup companies.

With WCII, we know what it is doing, how it is going about it, the competition, the market and profits whether re-sale or own network. The only thing I fear is that a technological revelation could make wireless obsolete. By that time, we would all have taken our profits.
Question for you. Which of the bigboys need WCII more that the others. I venture BT.

See ya
Ali
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