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Technology Stocks : WCOM -- Ignore unavailable to you. Want to Upgrade?

To: JDN who wrote (11325)	7/17/2002 7:26:14 AM
From: paul t	Respond to of 11568

MCI Pie - The Day that WorldCom Died (An Ode to MCI) home.mchsi.com lyrics by Jeff Wadler © 2002. recorded live in Ocean Pines, MD Performed by June 30, 2002 Send comments to fremela@mchsi.com A long, long time ago … I can still remember … How WorldCom used to make me smile. I knew if they had a chance, They would make their numbers dance, To keep investors happy ... for a while. The Ebbers scandal made me shiver, With every margin call delivered. Bad news on the doorstep, The stock price took a wrong step. I can't remember if I cried, When I read about that market slide. Something touched me deep inside. The day … WorldCom … died. Bye, bye, WorldCom / MCI. My portfolio was heavy, when the stock was still high. Now Wall Street boys got a poke in the eye, Saying: This is what you get when you buy. This is what you get when you buy. Did you cook your books with fluff, And do you believe it's good enough If accountants tell you so. Now, do you believe in bought and sold, Can audits save your corporate soul And can I teach you how to count … real slow. Well, I know your profit's pretty thin, Now we all must take it on the chin. We'll all now have to choose … Who'll be the first who sues. I was a working guy who had a buck. With some shares of stock, but who gives a f… But I knew I was out of luck The day that WorldCom died. We were singing … Bye, bye, WorldCom / MCI. My portfolio was heavy, when the stock was still high. Now Wall Street boys got a poke in the eye, Saying: This is what you get when you buy This could make the company die. Bye, bye, WorldCom / MCI. My portfolio was heavy, when the stock was still high. Now Wall Street boys got a poke in the eye, Saying: This just made the company die.

To: JDN who wrote (11325)	7/17/2002 9:56:19 AM
From: Oeconomicus	Read Replies (1) \| Respond to of 11568

I sure can understand the Banks feelings. Feelings have nothing to do with it - it's just business. They are simply taking whatever steps the law allows to get their money out ahead of the other creditors. If they can get a judge to freeze the cash and give it back to the banks, some will then just walk away and others will look at the underlying business and use their new leverage to strike a much better deal for themselves than they could under current conditions. WCOM management, OTOH, is trying to protect all the cash they can and line up alternative financing to maximize their negotiating leverage over the bondholders as much as over the banks. BTW, another BK data point for consideration: Williams Communications had $5B of bondholders pre-BK as well as some amount of bank debt. They gave up 55% of the equity to wipe out half the bond debt. A new investor added a little money to pay down some bank debt as well. Not as good a deal as Covad got, but not the end of the world either. Bob