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Technology Stocks : Leap Wireless International (LWIN) -- Ignore unavailable to you. Want to Upgrade?

To: METMAN who wrote (1482)	2/21/2002 5:36:00 PM
From: Jon Koplik	Read Replies (3) \| Respond to of 2737

Re : debt of LWIN (and others) not crashing and burning the way the common shares are doing so now. I am trying to put the "lessons of Globalstar" to work for me. I sold G* common stock between $6 and $8 in order to buy G* debt at roughly 25 cents on the dollar. When G* common was $7, I think there were (the correct number) about 286 million share equivalents out there. So -- $2 billion-ish perceived value for equity. $3 billion face amount of G* debt and creditor claims (Loral and Qualcomm stuff, mostly) ... priced at 25 cents on the dollar = $0.75 billion (only). With LWIN now, it is all flipped around. The common is just "wrong" (in my opinion). Comments and corrections (on G* details) welcome. Jon.