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

To: pcstel who wrote (1746)	3/13/2002 10:18:53 PM
From: pcstel	Read Replies (2) \| Respond to of 2737

LWIN THE LOW COST LEADER!! ???? I am only going to rant about this for a few minutes! LWIN G/A expenses are way out there! I mean WAY out there! LWIN G/A Expenses are consuming the viability of this company! Cricket is the low cost leader! Yet! LWIN acts like we are Verizon or something. Let's look at my favorite bunching bag! Airgate PCS! Airgate Stand Alone (minus IPCS) posted the following results: Total revenues. $ 67,671 Cost of revenues (49,498) ----------------------------------------------- Net..........................................18,173 (26.8%) Selling and marketing (24,621) General and administrative (3,677) Other (8,565) Cash and cash equivalents at beginning of period 14,447 Financing activities, net 30,585 Cash and cash equivalents at end of period 15,230 "Net Cash Provided by Financing Activities" The $30.6 million in cash provided by financing activities during the three months ended December 31, 2001 consisted of $30.0 million in borrowings under the AirGate senior credit facility and $0.6 million of proceeds received from the exercise of options and warrants. At December 31, 2001: Cash and cash equivalents $15.2 Borrowing availability under senior secured credit facilities 48.2 Total available cash at December 31, 2001 $63.4 Ranges of estimated sources (uses) from January 1, 2002 to June 2003: EBITDA (Earnings before interest, taxes, D/A $25 - $27 Capital expenditures (45) - (48) Cash interest payments (9) - (10) Working capital requirements (8) - ( 9) Estimated net uses ($37) - ($40) Estimated cash available at June 30, 2003 $23 - $26 So they only have 63 Million in liquidity (15 million in Cash). They went through 15 million last quarter. They are going to spend 45-48 million in CapEx in the next 18 months, and they think they are going still have 23 to 26 million in 18 months? Anyway 3.6 Million in G/A for 6.5 Million Covered POP's! Even throwing in Sue and Harvey's saleries with a gaggle of VP's. shouldn't be more than an additional 2 million per quarter! LWIN'S G/A Expenses should be more like 19 Million per Quarter! We have a fantastic business generating incredible margins being waisted on G/A Expenses! G/A at 30 million a quarter would still be outrageous! PCSTEL

To: pcstel who wrote (1746)	3/15/2002 3:04:50 PM
From: Maurice Winn	Read Replies (1) \| Respond to of 2737

<You got that right. First thing I am going to do is build a 100 Megawatt jamming transmitter on the outskirts of Clifton operating on Globalstar feeder link frequencies. I am sure I will find lots of folks interested in my Jamming frequency service! "All Hail! The citadel of free enterprise, capitalism, and competition "> Not so fast there PCSTEL, you misunderstood. Of course there has to be spectrum ownership, unless they can do that fancy frequency "search and use what's available" idea, which the spectrum management group in the NZ government is interested in. My point was that in the current environment, spectrum should be traded like used cars - anyone can own it and anyone can sell it. But that doesn't mean you can buy a bulldozer, then crash into other people's cars or park it on the freeway. They'll jail jammers in my system of spectrum management. In my system, even melanin-deficient, XY chromosomics, with heaps of money and living abroad would be allowed to bid for, own, use and sell spectrum rights. The USA restricts the melanin-deficient, those with a lot of money, those without excellent gender and aliens, all of which is contrary to the ideals of freedom which GeorgeW espouses. No jamming! Mq