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

To: Lance Bredvold who wrote (2015)	5/17/2002 9:48:53 PM
From: pcstel	Read Replies (4) \| Respond to of 2737

Lance: You must be the only person I know who was at the annual meeting Wednesday. Well, make that two. About the only informaton I got out of it was that 100% of the infrastructure is 1X capable today! Harvey did most of the talking. Sue sat at the desk during most of the presentation, (except for the Operations Presentation). Sue was dressed in 'BLACK' (big mistake IMO). Sue did not look very happy! IMO. So that combined with her black outfit gave out rather negative vibes. During the opening remarks Harvey rolled out the roll call of VP's. VP of this, VP of that, etc. The ballots for elections got screwed up. So the "official meeting" was quickly adjourned and new proxies are to be distributed to those affected. The meeting will be finished and votes counted at HQ in June! Not sure anyone noticed this article. Lucent says SEC not investigating vendor financing biz.yahoo.com >snip < Lucent also changed its approach to vendor financing. In December 1999, Lucent had promised it could lend up to $8.4 billion in customer financing. But its customers had drawn on only $1.75 billion of this amount, Davidson said. In comparison, the company's total customer financing commitment at the end of March this year was at $2.2 billion, with only $1.2 billion outstanding Davidson said. I am sure ~1 Billion of this belongs to LWIN. I have no idea where these G/A expenses go! Over $27 dollars per sub. Compared to one of it's closest peers (size and technology wise) AirgatePCS which on a consolidated basis has a G/A cost per sub of about $12. On the operational side at the market level. It appears that Cricket is a low cost well oiled machine. At the corporate level. It appears to operate likes a Baby Bell. VP's upon VP's. Even if there were 600 employess at the corporate level, That's almost $80,000 per employee per quarter in G/A Expenses. Harvey went on and on about how LWIN is positioned like Southwest Airlines. But, I don't think Southwest had G/A expenses that far out of line with industry norms. LWIN's G/A expenses should be lower than industry norms. Not twice as high. I suspect that like we found out with the Handset Subsidies. (As we spent weeks trying to figure out why the were so high at $180 only to see them go to over $200 last quarter). That there is a story somewhere with the G/A Expenses. Maybe some of these costs should be accounted in the CPGA? I am not sure! The one item that had me almost fall out of my chair that Harvey mentioned. Someone asked Harvey about Spectrum and future market launches. Harvey said something along the lines of "Well, we really only have about 6 Good Markets that we could launch!" As I look over the 225 million paid for the Century Tel markets a little over a Year ago. And the list of spectrum/markets that they hold! It appears that there has been some sort of data revealed about appropriate markets. This data appears to have drastically reduced the number of markets that Cricket can be profitable in. I mean if you look at the markets that they had buildout requirements satisified by April 28. Utica Jacksonville/Vicksburg Evansville/Ownesboro Lansing Grand Rapids/Muskegon Saginaw/Bay City APPLETON, WI DULUTH, MN EU CLAIRE, WI LA CROSSE, WI MT. PLESENT, MI STEVENS POINT. WI TRAVERSE CITY, MI In addition to other licenses held in Birmingham, AL. Fort Wayne, IN which we paid about 30 million for less than 1 year ago. The 6 GWI/NTCH licenses just acquired, and of course Rochester that is under acquisition. Let alone all of the other Auction 22 licenses that we hold. Only 6 more buildable markets? PCSTEL

To: Lance Bredvold who wrote (2015)	5/17/2002 10:39:26 PM
From: Mr. Sunshine	Respond to of 2737

Lance, I got to the meeting late, and I did not take a lot of notes. Seems pcstel covered for me though! The only thing I have to add is that Harvey did say that there needs to be consolidation in the industry, but that Leap was not a good fit to be aquired by anyone nor was there another company that would be a good fit for Leap to aquire due to Leap's unique business plan. Pcstel, I would have liked to have talked to you after the meeting. If you live in San Diego, send me a private message and maybe we can have a beer (or soda if that's your thing) sometime! Steve