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Technology Stocks : CAWS - Wireless Cable (New and Improved)
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To: webpilot who wrote (5665)9/24/1998 10:18:00 PM
From: Ken Turetzky  Read Replies (1) of 5812
 
I spoke today with Heartland Wireless counsel Curtis Henderson and he unfortunately told me that Heartland has dropped its objection to the reorg plan.

Curtis said, "The only reason that we objected to the plan was because early on they would not give us comfort they would not try and reject the stockholders agreement that we are party to."

He was describing a "corporate governance agreement for CS Wireless, which is a subsidiary that we both own. We have certain corporate governance rights with respect to CS Wireless through that stockholders' agreement that if they had rejected we would want to challenge. So we initially objected and they have since told us they would assume that contract."

CAI owns 60 percent of CS Wireless and Heartland owns 39 percent.

Curtis was very cordial, although he understood that Heartland no longer has any real interest in our opposition to JA and company. He pointed out that CAWS will emerge from Chapter 11 with $100 million in debt and that CS Wireless is $400 million in debt.

He was interested to hear about Objection No. 23, "Objection by the United States to the joint Reorganization Plan of CAI Wireless Systems Inc. and Philadelphia Choice Television Inc.," but couldn't guess as to the nature of that objection.

He did suggest that we call Judge Farnan's court and request a transcript of the Sept. 9 hearing. Scott, you've got the number there. Would you mind checking it out?
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