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Technology Stocks : Broadband Wireless Access [WCII, NXLK, WCOM, satellite..] -- Ignore unavailable to you. Want to Upgrade?

To: SteveG who wrote (609)	8/18/1999 8:38:00 AM
From: GVTucker	Read Replies (2) \| Respond to of 1860

Steve, RE: Anticipating some WCII price-based upgrades/reiterations in near future. I want a piece of your crystal ball. PW upgraded WCII to a buy this morning, primarily on a price basis. Seems to me he should love ARTT....if he covered it.

To: SteveG who wrote (609)	8/18/1999 2:38:00 PM
From: Bernard Levy	Respond to of 1860

Hi Steve and Mark: NXLK paid $20M for 150MHz of spectrum from SPDE, but this number should never be used by any analyst, since the value of this slice of spectrum to NXLK was much higher than for anybody else. This purchase combined with the LMDS block B that NXLK already had in NYC now gives it 300MHz of fully aggregated spectrum. Before, NXLK had just two slices of 75MHz with the SPDE spectrum in the middle of these 2 slices. So, the value of this spectrum to NXLK was much higher than to anybody else. Note also that WCII paid only $32M for the 850Mhz that SPDE sold earlier. So, my view of this spectrum purchase is a) NXLK overpaid, b) the overpayment was due to unique strategic circumstances. Best regards, Bernard Levy PS: NXLK took also a mysterious capital participation in SPDE of 2 million shares at $10/sh (twice the market value of SPDE when the deal was done). This equity paticipation may place NXLK first in line to acquire the last 150MHz of spectrum owned by SPDE (contrained under FCC regulation to hub to customer transmission). Also, SPDE recently acquired some fiber in NY, and the seller was never identified. If the seller was NXLK, it just would mean that some money made a quick round trip.