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To: Les H who wrote (162429)	4/26/2002 7:38:00 PM
From: Earlie	Read Replies (1) \| Respond to of 436258

Les: The bulls at that conference need to check into the telecom equipment spot markets. Every time another telco goes "T-I", its bankers and other debt holders grab the equipment assets and toss the gear into the market at firesale prices. Much of that gear is still in the delivery boxes and/or is "near new", so it makes no sense for the few telcos that might have a need for a few bits of new equipment (keeping in mind the excess of installed base globally) to pay anything beyond "a nickel on the dollar". Obviously, as the bankruptcies continue, the garage sales will expand, putting even more pressure on the equipment manufacturers. Personally, I agree with the speaker who forsees several years before this ugly cycle exhausts itself. And as an aside, the exact same thing is just getting underway in semi land,...... and it will be just as brutal. "Semi Puts R Us"..... for many quarters to come. Oh yes, and add in a dollup of contract electronic manufacturers to the "Earlie Hit Parade", as that bunch are also moving in the same direction. So many targets, so little investment capital..... sigh. (g) Best, Earlie