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To: pcstel who wrote (2133)	6/6/2002 12:10:59 PM
From: engineer	Read Replies (1) \| Respond to of 2737

no, current quote from MSDW is 33.

To: pcstel who wrote (2133)	6/6/2002 12:12:12 PM
From: RalphCramden	Respond to of 2737

This makes sense if the market is pricing in high bankruptcy risk. Stockholders are in line behind bond holders to get pieces of the corpse (or the restructured business, if you prefer). So as the belief that BK is a real possibility increases, you should see stock go to zero and bonds go to liquidation/restructuring value. BTW I am long the stock. Having tried to catch G* and webvan on the way down, I am not going longer, but I am sooo tempted. Message #2133 from pcstel at Jun 6, 2002 11:30 AM The other offered at 55.25 currently paying coupons with settlement date of June 11. These bonds were offered at 68 cents when the stock was at $11. Bonds down 20% Stock down 90% PCSTEL