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To: Jim Bishop who wrote (107395)	7/4/2002 8:55:47 PM
From: Taki	Read Replies (2) \| Respond to of 150070

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To: Jim Bishop who wrote (107395)	7/4/2002 9:35:06 PM
From: Rocket Red	Read Replies (1) \| Respond to of 150070

So who's buying and selling all those WorldCom shares? The troubled telecom services provider -- one of the most widely-held stocks on the Nasdaq with an average of about 100 million shares traded a day in May and June -- saw more than 3.3 billion shares change hands since Monday as its $3.8 billion accounting fraud rocked the investing world. More than 1.5 billion shares of WorldCom (WCOME: news, chart, profile) were traded on Monday, when the stock reopened after the June 25 fraud disclosure. Turnover exceeded 820 million shares on Tuesday, and then 1 billion more than that on Wednesday. The shares, which collapsed to as low as 7 cents each on Monday, closed at 22 cents Wednesday, tripling for daring buyers who went in at the low. "Historically, great profits have come from buying companies in trouble," said Paul Merriman, the head of Merriman Capital Management in Seattle. "WorldCom is a company in trouble, but there is definitely some value there." With its UUNet Internet backbone carrying the most Internet traffic, including 70 percent of all e-mails, its MCI local and long-distance telephone operations, and its MFS and Brooks Fiber businesses, WorldCom has the kind of assets that, regardless of the company's financial state, make it an attractive buy. As a sign of the perceived value of WorldCom's assets, telecom company IDT (IDT: news, chart, profile) announced late Tuesday it would make a $5 billion bid for WorldCom's MCI, MFS and Brooks Fiber businesses. That's what caused the rally in the company's shares on Wednesday. Because of the market action surrounding WorldCom, Merriman and other fund managers say another reason for the stock's popularity lies with traditional short-sellers and buyers. "You're probably looking at a lot of hedge funds, guys who sold short on the way down, and now they're betting on a serous bounce," said Michael Boyle, chairman of the Boyle Fund.