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Technology Stocks : XO Communications (XOXO) -- Ignore unavailable to you. Want to Upgrade?

To: SecularBull who wrote (788)	11/29/2001 3:43:48 PM
From: James Calladine	Respond to of 1018

In commercial law there's a long standing principle that you can't give a preference of one creditor over another if you can't pay them all. This has the feeling of: "we don't NEED the old shareholders any more, but we DO need the key employees and management and we can't just get the debt holders to walk away so we have to do something about them....." The one great thing about (this, ENE and others) is that it is becoming very clear just: -- how fair and moral business practices are -- how complete and clear financial statements are -- how much auditors are "arms-length" -- the extent to which directors are representing the interests of shareholders -- how much the SEC is seriously monitoring it all It is not a pretty picture. And the common shareholders are at the very bottom of a rapacious and unprincipled food-chain. Namaste! Jim