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Technology Stocks : Winstar Comm. (WCII)
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To: Ross Abrams who wrote (694)2/16/1997 9:55:00 PM
From: Steven Bowen   of 12468
 
Ross,

The break down in Winstars stock started on Jan 3, the exact day that they announced completion of the Milliwave take over. Since that day its been almost straight downhill. Before that day it was trading in a very normal "Winstar like" pattern. I can't help but believe that the weakness has been due to that merger. And it has to be more than the dilution. Dilution in and of itself isn't neccessarily bad. It's kind of like a stock split. In this case there were more shares, but there were more assets, and hopefully more earnings due to more licenses, etc. I think it has to be whoever recieved the 3.5M shares is selling them. Does anybody know who this would be? I don't think it Milliwave was a publicly traded company was it? Wasn't it just a limited partnership? Maybe it was just a couple of forward looking guys who snatched up the licenses dirt cheap and their only plan was to sell out at a profit. They pocketed $40M cash and have probably made another $60M selling the stock and are moving on to something different. Mr. Patrick remains with Winstar on their board, but maybe he had some partners who put up the money and are now just looking for their profit. This is the only thing that would make any sense to me. And the timing seems to coincidental (and I normally don't believe in coincidenses on Wallstreet). Does anybody agree or disagree with this? Are there any other facts that say this can't be the case?

Still searching for answers,
Steve
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