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To: red_dog who wrote (12088)	7/5/1999 9:21:00 PM
From: Snow Shoe	Respond to of 29970

I wish I could tell you the answer to that one. What I do know is that Paul Allen's new Cable Empire HSAC has is valued at over $5K per subscriber and AOL gets a whopping $6500 or so. Dial up ISPs such as Mindspring and Earthink fetch between 2-4K per subscriber. Just another way at looking at things.

To: red_dog who wrote (12088)	7/6/1999 2:54:00 AM
From: Raymond Duray	Respond to of 29970

Hi Robert, The $4,000 figure is arrived at by extrapolating from the latest transactions between T and Paul Allen's cable juggernaught (sp?). Wherein Allen paid approximately $4,200 per subscriber for a block of cable subscribers in the Upper Midwest. This is quite a premium over the $3,700 or so which was the 'going rate' last spring. You are correct in your assessment that the price paid has no economic justification based on present revenue streams. Considering the inability of upper management at Exite@Home to come clean on the real rate of subscriber uptake, you may be well advised to consider an exit strategy. A similar case recently has been Newbridge Networks which had tremendous backlogs but could not get the product out the door. Another example, SGI. Study the history of what Mr. Market does to companies that do not deliver on their promises and I am sure you will have a very calm and deliberate moment to decide whether to hold this stock. Disclosure: I currently hold no position in this stock. I have for a long time followed it in the hope of buying at an appropriate time. After hearing the latest pronouncements from Bell and TJ I am more leery than ever about this company. Sheesh, a CEO (or whatever Jermoluk is these days) saying that his main job is to be a "cheerleader". Hello? The paucity of penetrative analysis that expresses leaves me breathless. How does he expect to compete against people who think and act rather than cheerlead? Ciao, Ry