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To: Dan Hamilton who wrote (136)	4/25/2001 2:38:03 PM
From: Dexter Lives On	Read Replies (1) \| Respond to of 449

IF they could make their 2001 sales target, the upside is huge in the common shares. The downside if they miss by a lot is probably whatever you put in. There is likely some middle ground where they slow the build and try to maximize revenues and minimize costs, but that would mean a slow rebound in equity and bond prices, imo. I'm not sure the junk bond prices below 20 cents mean as much in this environment, but certainly the extreme speculative nature of the equity "bet" should be acknowledged. Rob

To: Dan Hamilton who wrote (136)	4/25/2001 3:37:54 PM
From: Ian@SI	Read Replies (2) \| Respond to of 449

Dan, On this morning's BCE conf call, Terry Jarman of Teleglobe indicated that he's about to purchase bandwidth (probably from Williams, but undisclosed) at a lower price than they can currently provision it. With the probability of anybody selling bulk bandwidth profitably decreasing day by day, why try to catch this falling knife? If I remember the story, we've got some truckers now led by an ex Software CFO trying to go head to head with some of the world's largest corporations. When unlimited growth for as long as the mind could imagine was the mania, perhaps TSX was a great idea. Sanity has returned. Earnings are required. The price will never see its former high unless and until real earnings justify it. IMO