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Technology Stocks : Winstar Comm. (WCII) -- Ignore unavailable to you. Want to Upgrade?

To: Bernard Levy who wrote (11937)	5/22/2000 5:51:00 PM
From: Bill Lotozo	Respond to of 12468

Thanks, Bernard. It looks like we are in for an interesting 9 to 12 months. Best Regards, Bill

To: Bernard Levy who wrote (11937)	5/22/2000 11:24:00 PM
From: gruetz	Read Replies (1) \| Respond to of 12468

Bernard, if ARTT were unable to get the funding they needed, and if Q did want to acquire them, would they just let them go bankrupt and get their assets at fire sale prices or would they acquire them well before the funding issue became critical at a price reflecting the full value of their spectrum? 1) Don't they have sufficient funding well into 2001? 2) What would you estimate the value of their spectrum to be? If a bigger company were to acquire them, would they have to pay back the government for the small company credit that ARTT got in purchasing the licenses at auction?