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

To: Bernard Levy who wrote (11940)	5/23/2000 7:48:00 PM
From: gruetz	Read Replies (1) \| Respond to of 12468

Thanks Bernard. BTW, does it seem appropriate to you that TGNT would be at an all-time low right now, lower than October 1998? Is this just a buyers' strike or is there something more profound being said by the market about the value of fixed wireless spectrum? What do you think is closer to the appropriate valuation for WCII given your view of its future prospects: the current $28 price or Grubman's $85 price target?

To: Bernard Levy who wrote (11940)	5/25/2000 9:06:00 PM
From: gruetz	Read Replies (2) \| Respond to of 12468

Hi Bernard: I have a couple followup questions which I hope you might shed some light on. 1) As an ARTT investor, I hope you are right about bankruptcy not being in the cards, however, bankruptcy is what happens if a company cannot secure funding to implement its strategy. Is the difference between ARTT and GSTX the QWest connection? 2) If ARTT is considered an important piece of the Qwest strategy, and if there is no other funding available when ARTT runs out of cash, do you believe QWest will be there to loan money or provide additional equity capital? If so, wouldn't QWest let the ARTT price drop to almost nothing and then buy the whole company for a song? 3) If QWest gets acquired by DT after the QWest/USWest merger close, does that change the picture relating to ARTT? 4) Do you think Rouhana is still interested in the ARTT licenses? He bought 15% of ARTT at $17 a couple years ago and sold in the mid $20's. Presumably, he wouldn't mind buying the whole company now for something less than $17? 5) After payment for the recent auctioned licenses, how much cash does ARTT have available and how long will it last? Thanks. Your input is greatly appreciated.