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To: Joseph Pareti who wrote (167808)	7/9/2002 3:34:30 PM
From: Dave	Respond to of 186894

Joseph, I am somewhat surprised that Buffet was part of that $500m Level3 offering since LVLT does not fit the mold as required by Value Investing. Is Warren beginning to drink the Koolaid?

To: Joseph Pareti who wrote (167808)	7/9/2002 3:38:42 PM
From: The Duke of URL©	Read Replies (2) \| Respond to of 186894

warren "legend" buffet is buying in telcoms Not exactly, Warren just closed on less than one third of a special offering of BONDS or preferred from L3. Warren is always working his cash like that. It is supersecured and pays 9%. Hardly seems like a "flyer", although it does have what we call in the trade, an equity "kicker". It also might be a "taste" to put Warren in a key position for a superpriority loan in case of the Chapter 11, but I don't think Warren thinks like that, although, his recent experiences may have changed him, but doubtful. L3's main guy is Crowe who was one of Warren's early investors, and took the 15 Billion that Warren gave him and pissed it away on L3. And talk about ethical, Warren would not negotiate, he let the other two parties to the trauch do the deal, and then he just joined in, to preserve the distance and integrity. Oh, and by the way, it's spelled "Buffett", with two t's. Other than that your statements are pretty much correct. :)