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Technology Stocks : Leap Wireless International (LWIN) -- Ignore unavailable to you. Want to Upgrade?

To: Dave who wrote (2394)	7/18/2002 8:14:16 PM
From: A.L. Reagan	Read Replies (1) \| Respond to of 2737

it would be much lower than a $1.39. In my opinion Well, difference of opinion makes a market. In the prior example, the 20 million incremental shares would have yielded an annual increase of cash flow of $52 million ($400 mil x 13%), or $2.60 incremental pre-tax cash flow for each incremental share issued. Or, if you are a book value kinda guy, the NBV per share would be increased by $400/75 million shares or $5.33 per share. You think the stock would then be below $1.39. This is so obvious that it seems pointless to explain further. Of course you are entitled to your opinion that all debt for equity swaps are bad - and I'll stick to doing the math. *** OT - sometimes stops work, sometimes you get whipsawed. Was taken out today on LWIN at various amounts between $1.26 and $1.31. Still a nice two-week trade from 74 cents. I'll just have to wait to reenter until the next earnings release - and see how many times they use the word "fraud" in the PR.