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Strategies & Market Trends : LastShadow's Position Trading -- Ignore unavailable to you. Want to Upgrade?

To: AlienTech who wrote (22769)	10/4/1999 5:54:00 AM
From: Jeffrey Lee	Read Replies (2) \| Respond to of 43080

Paul Allen investing $1.65 bln in RCN-WSJ Monday October 4, 4:50 am Eastern Time biz.yahoo.com NEW YORK, Oct 4 (Reuters) - Microsoft(NasdaqNM:MSFT - news) co-founder Paul Allen is investing $1.65 billion in RCN Corp, an upstart telecoms company competing for local, long-distance, cable television and Internet customers, the Wall Street Journal reported Monday. Allen plans to announce Monday that he is buying a block of RCN preferred stock convertible into a 21.8 percent stake, the Journal said, adding to a 4.9 percent stake he already holds. RCN plans to use the money to fund an expansion of its fiber optic network, the paper said. In addition, RCN plans to announce the promotion of Michael Adams, the head of its technology and network development group, to president and chief operating office, the Journal said. He would succeed Michael Mahoney in those positions. RCN Corp (NasdaqNM:RCNC - news)