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To: Raymond Duray who wrote (17420)	3/27/2002 6:09:11 AM
From: Box-By-The-Riviera™	Respond to of 74559

ROFL! nice!

To: Raymond Duray who wrote (17420)	3/27/2002 6:13:29 AM
From: Baldur Fjvlnisson	Respond to of 74559

Hey! Great insults! LOL!

To: Raymond Duray who wrote (17420)	4/2/2002 12:33:13 PM
From: elmatador	Respond to of 74559

Next: Bankruptcy looms for Williams and MFN By Stephanie Kirchgaessner in New York Published: April 2 2002 04:55 \| Last Updated: April 2 2002 05:04 Two more telecommunications companies looked closer to joining the ranks of their bankrupt peers on Monday, after debt-laden Williams Communications and Metromedia Fiber Network each said they had missed interest payments to creditors. Williams also said it had taken a $2.9bn charge in the fourth quarter of 2001 and would lower its guidance for 2002. Both companies are suffering under the weight of massive debt burdens and amid the general collapse of the telecoms sector. While both companies said they were trying to restructure their balance sheets and stave off bankruptcy, they have conceded they may follow in the footsteps of Global Crossing, the once high-flying telco which recently became the fourth-largest ever bankruptcy. MFN said it had missed on Friday interest payments owed to Nortel Networks, Citicorp, Bechtel, and Verizon. It also said it would be declared in default of a $30m interest payment to Verizon that was due on March 15 and which the company deferred if that payment was not made in 30 days. The company said it would begin negotiating with its creditors to reach a restructuring agreement, but cautioned that if talks failed, "the company may be required to file for protection under Chapter 11". MFN would move ahead with a reorganisation of the company without the aide of its top two executives. Mark Spagnolo, president and CEO, and Randall Lay, chief financial officer, submitted their resignations and were replaced by John Gerdelman, as CEO, and Robert Doherty, as executive vice president. Mr Gerdelman, a veteran of MCI, joined MFN after serving as president and CEO of USA.NET, a private maker of email software. Mr Doherty was previously a managing director of Salomon Smith Barney's investment banking division. News from Williams, another broadband company, was equally bleak. The company said it would use a 30-day grace period before it paid a $91m interest payment that was due on Monday. The company said it would take a $2.9bn charge in the fourth quarter of 2001 related to the reduction in value to its long-lived assets, including its fibre optic network. It also warned that a 2002 earnings forecast offered in February, where the company predicted a small ebitda loss, was "no longer appropriate", and said it was preparing to offer revised guidance. Williams said it continued to work with its banks and other creditors to plan a restructuring of its balance sheet. The banks extended the deadline for negotiations until April 26. The company moved to dispell fears that it could not continue to operate. "The $1bn in cash on our balance sheet at the end of 2001 will be used to assure continued delivery of uniterrupted service," said Scott Schubert, Williams' executive vice president and CFO.

To: Raymond Duray who wrote (17420)	4/2/2002 4:32:32 PM
From: elmatador	Read Replies (1) \| Respond to of 74559

Next: Flag Telecom misses payments, gets auditor warning By Reuters staff 02 April 2002 Flag may fold, despite struggle to restructure. Flag Telecom Holdings Ltd. said Monday it decided to skip interest payments due March 30 on two note issues, leading its auditor to warn it has "substantial doubt" whether the telecommunications equipment operator can stay in business. Bermuda-based Flag disclosed its plan to skip roughly US$33 million of payments on its US$300 million plus 300 million euros (US$264 million) of 11.625 percent notes in its annual report, filed Monday with the U.S. Securities and Exchange Commission. The company said it has a 30-day grace period to make the interest payments, but that, if it fails, holders of 25 percent or more of either series of notes can demand that Flag repay all of the principal. Flag said it now lacks sufficient liquidity to make such payments. Flag's auditor, Andersen, said the missed interest payments raise "substantial doubt about the Company's ability to continue as a going concern." The company is one of many telecoms to suffer as demand for its services waned. Flag said it remains in talks with lending banks and equipment suppliers to restructure its debt and last month hired Credit Suisse First Boston and the Blackstone Group to assist. Flag shares closed Monday on Nasdaq at 19 cents, down 18 cents from Thursday, and down 96 percent in the last year.