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To: Maurice Winn who wrote (21172)	1/16/2001 3:49:29 PM
From: pcstel	Respond to of 29987

Maurice: <The stock market is a predictive mechanism. Those who see ahead through the fog get the big rewards. When everything is going well, anyone can see that it's successful and the price will reflect that very quickly. It's too late to climb on the bandwagon AFTER the success. > However, it has been my experience never to hold an equity which could turn on you.. It is better to buy when the situation "Becomes Clear"!! For example.. I was trading Qualcomm between it's old home of $48/$50 and $60.. I sold Qualcomm at $85 as the ERICY court date loomed.. I said.. I really like QCOM.. Great Management, Great Technology.. But, Am I really willing to hold it throu the Richardson, TX based Ericsson Trial? Am I really willing to trust the gains in my investment based on the outcome of some Texas citizens who pass by the big Ericsson Building everyday? Sounded to risky to me.. So I sold out!! Sure I read Gregg P's views, I read you views... But, in the end, I took my cash and Scampered away. However, on the morning of March 25th, I bought back my previous shares @ $97. Sure I could have pocketed an extra $12 a share if I had accepted the Risk,, But, in hindsight.. It was probably the best $12 bucks a share I have ever lost!! Because I MINIMIZED my risk, BUT still enjoyed the ride!! However, Even I must admit that sometimes, I really don't wait for the clearing as long as I should have!!! PCSTEL

To: Maurice Winn who wrote (21172)	1/16/2001 5:58:59 PM
From: Art Bechhoefer	Read Replies (2) \| Respond to of 29987

"I am amazed at how obdurate, obstinate, slow-acting, and perhaps plain stupid the marketing people have been." Maurice, I think you have a good point. The marketing was bad because they apparently still don't understand the kinds of people who will use this device in preference to any other: 1. News reporters 2. Emergency medical and law enforcement groups who need near 100 percent reliability and secure communications that are almost impossible to monitor by third parties. 3. Military personnel, including those belonging to terrorist groups, unfortunately. 4. Corporate staff who need convenient services, one billing, and top security. All they had to do was sell the phone to these groups, which, by the way, include just about every rural Sheriff's Department in the U.S., along with enough phone time for two or three months of use, and that would be it. The service would sell itself after that. As to the bondholders, I think that anyone buying at the current prices around 10 percent of face value should realize that they are buying something more like a speculative stock than a bond. Nevertheless, I would be surprised if one did not recover three to four times the value of a current investment in the bonds within the next three or four years. How well the bondholders to depends quite a lot on how the trustee for the bondholders represents their best interests. Note, the bond prospectus designates a trustee, who goes into action the moment there is a default. Art Bechhoefer