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To: Jon Koplik who wrote (1810)	3/28/2002 5:24:40 PM
From: A.L. Reagan	Respond to of 2737

Vendor financing amendments seemingly well received in (thin) AH trading. The liquidity picture has certainly brightened for these guys the last week or so.

To: Jon Koplik who wrote (1810)	3/28/2002 5:31:45 PM
From: arun gera	Respond to of 2737

>>Cricket agreed to a new minimum consolidated EBITDA covenant that requires EBITDA of not less than negative $27 million, $0 and positive $9 million at the end of the second, third and fourth fiscal quarters of 2002, respectively, and positive $45 million at the end of the first fiscal quarter of 2003.>> I just glanced at my version of the spreadsheet which was adjusted to show a $75 M EBITDA loss. The numbers in my spreadsheet for the Q2,Q3,Q4 2002, and Q1-2003 are negative 27.5 M, negative 5.2M, positive 12.2 M, and positive 46.8 M. It looks like they are using their previous guidance of $75 million as the worst case number. I ma sure they will like to keep a buffer of at least $5 M for each quarter. So a $55 M full year loss will not be unexpected. of course they could still show a $75M 2002 EBITDA loss, if they showed a huge subscriber addition in Q1 2002 with quarterly EBITDA loss of over $60M. Arun

To: Jon Koplik who wrote (1810)	3/29/2002 12:38:31 AM
From: pcstel	Read Replies (2) \| Respond to of 2737

Jon: "EBITDA covenant that requires EBITDA of not less than negative $27 million, $0 and positive $9 million at the end of the second, third and fourth fiscal quarters of 2002, respectively, and positive $45 million at the end of the first fiscal quarter of 2003." (27) (0) +9 +45 My numbers from an earlier post for numbers required IF the covenants were not relaxed by 1 Quarter ---Q1---------Q2---------Q3---------Q4-------- (27.95).......(2.5).......+19.2.....+46.20...... 4 quarter trailing EBITDA ........+35.0...... Message 17241733 However, the new numbers show that 27 million is the 4 Quarter trailing EBITDA they are looking for. (27) (0) +9 +45=27 Based on this information. I would suggest that EBITDA loss for Q1 will be around 40 million ~($1.10) down from ~($3.20) in Q4. With about 400 million in the bank. That is when the short herds will start moving on! PCSTEL