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Technology Stocks : Winstar Comm. (WCII)
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To: Lane3 who wrote (6348)6/3/1998 9:08:00 PM
From: Alejandro  Read Replies (2) of 12468
 
You are correct in that ARTT never made a statement. The 14.9 % was bought thru separate shareholders. Therefore, ARTT, the company did nothing and said nothing.

I am still trying to figure the 14.9 % buy. There are several possibilities.

1. It is not likely that WCII has any interest in financing a competitor.

2. Was the 14.9 % and future purchase of ARTT guaranteed by BT as a condition of any deal ? Don't forget, WCII had a plan. The company had to deviate from the plan to acquire the bankrupt Mid whatever,and picked up the internet division etc after it had made it's plans. The company reacted to opportunities. It is not likely that the company would buy ARTT shares at a 22 % premium without some parachute. The bankruptcy cases were $.50 on the dollar maybe. Why would they buy ARTT at a premium when it was known ARTT could not survive without money.

3. The 14.9 would be an obstacle to another acquirer.

4. WCII bought it as an investment. Yeh, right !!

There are probably a few more you could create.

I have concluded that the ARTT 14.9 deal was not in character with the goals and objectives set by the company. In almost all instances, the company has stuck to it's plan of increasing assets. This ARTT deal is tied to something else to cause WCII to deviate and purchase a company that has nothing but licenses. The ARTT licenses would not be a threat to WCII for a long time to come. Then you have ARTT taking off the table it's financing deal because of poor market conditions. Poor market conditions ?

Any thoughts anybody ?

It will be fun to find out the real story.

ac
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