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Technology Stocks : PSIX up 26.5%, Takeover(?) -- Ignore unavailable to you. Want to Upgrade?

To: Curtis Gruber who wrote (5541)	2/15/2001 7:55:37 AM
From: Souze	Read Replies (1) \| Respond to of 5650

Curtis, You've certainly been carrying this thread alone. I haven't much to add, except a couple small things. In the Financial Times article, I found it interesting that the highest amount bid so far was disclosed and that the bidders were not. It left me with the impression of an auctioneer seeking more bids. One would think the GS could contact all the qualified bidders, but perhaps not. One thing that may be keeping the bid down is that PSInet is more likely requiring cash payment, no stock. Next is just a question: how much time does PSINet need to become profitable? If the highest bids for the asset(s) on the block don't total enough to buy that much time, then I would expect them to seek bankruptcy protection. Then again, that's the ultimate bargaining tool: if the bidders don't bid enough, they'll have to wait and bid to get it from the court. I watch big (>10k shares) block trades. It looks to me that big money has been selling PSIX for weeks, and that observation has bothered me. But I'm still holding my shares.

To: Curtis Gruber who wrote (5541)	2/15/2001 3:40:05 PM
From: KEN G	Respond to of 5650

Curtis: I too wrote to IR to ask why the earnings were delayed. Here is the response: The exact date of the Q4 announcement has not been determined. We will, however, be certain to provide that information to investors when it becomes available. In the Q3 earnings announcement on November 2, 2000, we stated that we were retaining Ernst & Young Capital Advisors to assist us with a financial and operational review of the company. That review, when completed, would better enable management to provide, to our investors, future financial expectations of the company. We also stated our intention to provide those expectations in conjunction with our Q4 earnings results. We also stated during our Q3 announcement our intent to sell non-strategic business units of the company. Until we have a better resolution to these asset sales, we will not be able to determine which business units will remain in the organization, and, hence, which units will be contributing to revenue and profitability. Until a disposition of those asset sales can be determined, we cannot offer future expectations and must delay the announcement. Thanks for the email. Best regards, Kevin Libby PSINet Investor Relations