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To: ild who wrote (173875)	6/19/2002 1:58:21 PM
From: LLCF	Respond to of 436258

<Reaper, do you have an opinion on T?> I like the management! -GGG- DAK

To: ild who wrote (173875)	6/19/2002 2:05:34 PM
From: reaper	Read Replies (1) \| Respond to of 436258

<<Reaper, do you have an opinion on T?>> yeah, that the equity is not worth anything. that article that you site presumes that Comcast is worth what its worth, which i would tend to question given the recent trading values of stuff like Charter, Cablevision and Adelphia. the fact of the matter is that cable over the years has never produced one dollar of free cash flow despite repeated claims by the bulls that free cash was right around the corner. i would also note that AT&T has seriously under-invested in its cable infrastructure so that large bill is going to be left to Comcast. the stub isn't worth anything. for that guy who thinks there's a bunch of free cash flow at the stub, i would point out the pension footnote. AT&T contributed $66mm to the plan last year while payments out of the plan to pensioners was $1,117mm. the surplus on the plan (while still about $4 billion) is getting smaller. what if low returns persist for a while and AT&T has to pay a billion out of pocket to pensioners?? let me also second LLCF's opinion of T management. i actually don't think they're crooks, just the most stupid morons to ever run a large public company. Cheers