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To: Raymond Duray who wrote (17754)	4/3/2002 6:59:07 AM
From: elmatador	Read Replies (2) \| Respond to of 74559

Flag falls 40% after interest payments skipped. NOTE: Major shareholders in FLAG include Verizon Communications and Tyco International. The diggestion will end with WCOM. The day they sell Brazil's Embratel-WCOM, then it will be completed. It's playing like that the diggestion of telecoms: 1) CLECs debacle. (Done) 2) Long distance Kaput. (work in progress) 3) Cable TV companies smash. (starting to shake. see please NTL and UPC) After cable TV companies' diggestion is completed, Then we have hit the bottom. Flag falls 40% after interest payments skipped Shares in Flag Telecom (US:FTHL) (UK:FTL) , the undersea telecom network provider, fell nearly 40 per cent in London on Wednesday as the likelihood of a restructuring of the indebted carrier grew. Flag did not make required interest payments on March 30 on $300m and €300m 11.6 per cent senior notes. It has a 30-day grace period before defaulting and the full amounts becoming payable. Flag said it did not have sufficient liquidity to pay in full and would have to file for bankruptcy protection if it could not negotiate a restructuring of the notes. Arthur Andersen, its auditor, said there was substantial doubt about Flag's ability to continue as a going concern. Bermuda-based Flag saw its shares fall 21 per cent to 15 cents on the Nasdaq, its main listing, on Tuesday. They were down 38 per cent at 14p in London on Wednesday morning.

To: Raymond Duray who wrote (17754)	4/3/2002 7:26:16 AM
From: elmatador	Respond to of 74559

Acting as dung beetle "AOL on hunt for cable TV assets" Financial Times; Mar 8, 2002 By PHILIPPE ESCANDE and EMMANUEL PAQUETTE <<Now that those assets will be "cheap cheap last price" they may buy them all.>> <<See also "France's biggest cable TV groups up for sale" news.ft.com >> AOL Time Warner is seeking to acquire cable television companies in Britain and in France, chairman Steve Case has told the French business paper Les Echos. But because the German cartel office is blocking the planned Euros 5.5bn (Dollars 4.85bn) acquisition of the bulk of Deutsche Telekom's remaining cable television interests by Liberty Media of the US, the world's largest entertainment company has ruled out entering the German market. "The regulatory authorities have closed the market," Mr Case said in an interview. "Since that market is for the moment neither open, nor competitive, we are looking rather at the options in Great Britain, in France and in other countries." In France, possible targets include Numericable, a unit of media group Canal+, part of Vivendi Universal. "If we found a buyer at the right price, it could be for sale," said one Canal+ executive. Another possibility is Noos, a cable company jointly owned by US banking group Morgan Stanley, France Telecom's deeply indebted UK cable affiliate NTL, and the French conglomerate Suez. The search for European acquisitions is part of a drive by AOL Time Warner to become more international. Last year, 80 per cent of the group's Dollars 38bn revenues were generated within the US. "We are a global company and we want to raise the share of our sales achieved overseas from 20 per cent to 50 per cent by internal growth and by acquisitions," said Mr Case. To that end, Mr Case also aims to take part in the consolidation of the music industry. "Our vision hasn't changed. We still believe that the coming decade will be dominated by two strong trends, which will be convergence and globalisation. "We want to construct bridges between television, magazines, internet, mobile telephones and music as well as offer more choice, control and comfort to consumers." Copyright: The Financial Times Limited 1995-2002