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To: DOUG H who wrote (2721)	9/19/1999 9:15:00 PM
From: Phil(bullrider)	Respond to of 6531

Doug, Unless my recollection is incorrect, CIEN collapsed when the deal with TLAB fell through. Have fun, Phil

To: DOUG H who wrote (2721)	9/20/1999 3:04:00 PM
From: Raymond Duray	Read Replies (1) \| Respond to of 6531

Hi Doug, What buried CIEN last summer was the loss of a sale to AT&T, after a long test period, that CIEN had been counting on to get to the next level. At the same time, Sprint decided not to renew a purchase agreement with CIEN, leaving it with WCOM as its only significant customer. Mr. Market viewed the competitive threat of LU and NT to CIEN business to be overwhelming. The TLAB debacle was a consequence of the preceeding events rather than the proximate cause of CIENs "troubles". The run to 90 was, as you suggest, caused by the arbs. Ray