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Technology Stocks : GST Telecom (GSTX) 4th quarter earning -- Ignore unavailable to you. Want to Upgrade?

To: Bernard Levy who wrote (360)	7/11/2000 3:13:16 PM
From: Rob Preuss	Respond to of 369

Thanks Bernard. What you say sounds reasonable... but if true, why would anyone want to buy these shares at any price? What makes people think these shares may be worth more than $0.11 each someday? Rob

To: Bernard Levy who wrote (360)	7/17/2000 10:28:27 AM
From: Rob Preuss	Respond to of 369

[GST extends auction thru late August. More bidders interested!] Monday July 17, 8:32 am Eastern Time Company Press Release SOURCE: GST Telecommunications, Inc. GST Adjusts Dates for Open Auction of Assets VANCOUVER, Wash., July 17 /PRNewswire/ -- GST Telecommunications, Inc., an Integrated Communications Provider (ICP) in California and the western United States, announced it is extending the dates originally established for bidding for substantially all of its assets. With the support of the Official Committee of Unsecured Creditors appointed in its bankruptcy case, the Company has extended the final date for bids to August 11 (from the original July 31 date) and moved the auction date to August 22 (from August 4). A hearing is scheduled on August 25 in the District Court for the District of Delaware with jurisdiction over the Company's bankruptcy proceedings to approve the winning bid. ``Because the earliest hearing date for court approval of the highest bid is late August, the Company and the committee of unsecured creditors agreed the time could be well used for continued due diligence,'' stated Tom Malone, acting chief executive officer of GST. ``Extending the dates allows GST to accommodate companies that have expressed strong interest in the Company. To date, over 35 companies have signed confidentiality agreements with GST in order to begin due diligence. This outpouring of interest has confirmed our original belief that GST's network assets, customer base, and employees together comprise a highly valued enterprise.'' GST Telecommunications, Inc., an Integrated Communications Provider (ICP) headquartered in Vancouver, Wash., provides a broad range of integrated telecommunications products and services including enhanced data and Internet services and comprehensive voice services throughout the United States, with a significant presence in California and the West. Visit GST's Web site at www.gstcorp.com. This release may contain forward-looking statements which involve risks and uncertainties. Actual events may differ materially from the projections made here. Additional factors which may affect actual results are contained in the Company's filings with the SEC, including the report on Form 10-K for the period ended December 31, 1999. Forward-looking statements in this release are made pursuant to the safe harbor provisions contained in the Private Securities Litigation Reform Act of 1995. For more information, please contact: GST Telecommunications, Inc. Investor & Public Relations 800-667-4366 SOURCE: GST Telecommunications, Inc.

To: Bernard Levy who wrote (360)	7/31/2000 3:32:09 PM
From: Rob Preuss	Respond to of 369

[GST awaits Aug. 22 auction, prospective bidders shop assets] BILL STEWART VBJ Staff Reporter Although it may be a long shot, there’s still a chance that GST Telecommuni-cations could emerge from bankruptcy as a reorganized company. That decision will likely rest with a credit committee, a representative group of GST’s creditors, which is trying to recover the $1.2 billion in debt that GST accumulated over the last few years. With 35 companies registered to submit bids on GST’s assets, it’s a good bet that the creditors will be able to recover a substantial portion of the outstanding debt. However, if the largest bid, or bids, fall short of the credit committee’s expectations, it’s possible the Vancouver company could stay in business. When GST declared bankruptcy in May, the company also signed a letter of intent with Time Warner Telecom to sell its assets for $450 million, which would have returned approximately 38 cents on the dollar to GST’s creditors. However, the credit committee decided that figure was too low and the deadline for the sale was allowed to pass. So, it’s unlikely that the bidding for GST’s assets will start any lower than $450 million. But with the company’s fiber-optic network worth an estimated $1 billion, the creditors still might not be able to recoup all the money they loaned GST. Originally, the Bankruptcy Court of Delaware, where GST is incorporated, set July 31 as the deadline for companies to submit bids. But that deadline was pushed back to Aug. 11 to give the 35 interested companies more time to assess the value of GST’s assets. An auction will then be held Aug. 22 in New York. It’s possible that several companies would bid on just a portion of GST’s assets. So, it’s conceivable the credit committee could accept a combination of bids. By breaking up the assets, it could make them worth more than it would if they are sold in a package. It’s virtually anyone’s guess on what might happen. The people at GST are simply hoping for the best deal possible. “When we went into bankruptcy, the objective has been to maximize the value of the assets,” said Kira Higgs, GST’s director of communications. In order to submit informed bids, many of the 35 companies have been allowed to conduct site inspections at GST’s Vancouver headquarters and its network outposts around the West Coast. Part of the due diligence process has included looking at GST’s financial records, and that alone has kept many of the people busy at the Vancouver office. “The people in some of our departments are working very, very hard,” Higgs said. “Every day these companies are calling and asking for more reports.” Despite being aced out from its initial takeover attempt, Time Warner has joined the current due diligence process and is expected to submit an updated bid. Shortly before Time Warner’s letter of intent elapsed, AT&T also expressed interest in GST’s assets. It’s unknown what other companies are involved, because the court prevents GST from revealing their identities. However, Higgs did say that companies are extremely interested in retaining many of GST’s employees. By acquiring a network as large as GST’s, most companies would have to hire additional employees to keep it operating. Many people figure it would be smart to just keep GST’s employees. “That’s why we worked so hard to be in open communications with our employees,” Higgs said. “Because it’s not just our physical assets. Many of the companies have expressed that they’re as interested in the employees as they are in the assets.” Shortly after GST filed for Chapter 11, which gives it the opportunity to reorganize, some of the company’s employees fled for other jobs. But Higgs said it was hardly the mass exodus that was first reported. “Have we lost employees? Yes. Was it as bad as it could have been? Absolutely not,” she said. However, it certainly helped when the bankruptcy court approved a plan for GST to dole out $6.1 million in incentive bonuses to keep its key employees on board. “I think it’s helped quite a bit,” Higgs said. “I think our employees have a great deal of confidence and trust in the leadership they see in Tom Malone (GST’s president and acting chief executive officer). What Tom is doing in terms of providing open, honest communication to the employees is making many of them stay and see GST through this transition.” While most of the focus has been on GST’s employees and the value of its assets, the company’s shareholders seem to have gotten lost in the shuffle. Some of them have completely given up hope of ever recovering any of the money they invested. Others are holding onto the slim chance that a bidding war could develop between the 35 companies interested in GST’s assets, which could reap a windfall greater than the $1.2 billion debt. One group of investors figured its best chance to recoup its investment was to force GST out of bankruptcy, but an attempt to file a motion to dismiss apparently failed to get off the ground. The lone remaining option, according to some of the investors who communicate on the Yahoo message board, is to file a lawsuit against GST’s executives and board of directors for alleged mismanagement and negligence.

To: Bernard Levy who wrote (360)	8/23/2000 12:51:36 PM
From: Rob Preuss	Respond to of 369

GST auction planned today: Tuesday, August 22, 2000 from The Columbian and wire services Vancouver GST auction planned today GST Telecommunications plans to auction off its assets today in New York, but results of the auction and the fate of the bankrupt Vancouver company's 1,000 jobs probably won't be known before Wednesday. GST filed for bankruptcy in May, wilting under a $1.2 billion debt. GST initially planned to sell its assets to Time Warner Telecom, a Colorado company, but later decided to hold an open auction instead. There are a number of possible outcomes to today's auction: A single bidder could step forward and buy all of GST's assets, or multiple bidders could step forward and buy portions of GST. If no acceptable bids are found, GST could emerge from bankruptcy as an independent company. GST says it probably will not announce the results of today's auction before Wednesday morning. Whatever happens, GST has warned investors that it is unlikely they will see any return on their investment. If a bid or multiple bids are accepted today, GST will seek approval for the sale from a Delaware bankruptcy court on Friday. GST employs about 470 people in the Vancouver-Portland area. Source: columbian.com