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

To: SKIP PAUL who wrote (1936)	4/25/2002 10:49:54 AM
From: arun gera	Read Replies (1) \| Respond to of 2737

Skip: I think LWIN manages to catch most of the illegal users on a monthly cycle. And the good news is that in spite of the illegal users getting a free ride on the system, Cash Cost Per legal User have been declining smoothly. Dealer fraud will have to be stopped by screening dealers and prosecuting some. Fraud Cost have to come down by at least $15 million/quarter to make Leap's story interesting. Arun >Fraud is definitely an insurable risk. I dont see this problem derailing the story. Any business that accepts credit cards and has dealers runs that risk.>

To: SKIP PAUL who wrote (1936)	4/25/2002 10:54:26 AM
From: METMAN	Read Replies (1) \| Respond to of 2737

Fraud is definitely an insurable risk. I dont see this problem derailing the story. Skip ... agreed, but how do you measure the true subscriber numbers over time - assume a certain % of accounts are fraudulent and only report the total subscribers - certain suspect % ? Does anyone here know for certain what the reported subs number in the press release now really means ? Listening to the CC, the management is optimistic they'll hit their future projections, which suggests the story is still intact. regards, metman