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To: FNS who wrote (11333)	7/18/2002 10:33:02 PM
From: Oeconomicus	Read Replies (1) \| Respond to of 11568

Perhaps there's another interest payment due next week that doesn't allow a 30 day grace period. Either they pay it and avoid defaulting on all the bonds for a little longer or go ahead into BK with a little more cash. Or perhaps it's as simple as that, without any particular trigger next week - go in with as much cash as possible, as soon as the DIP money is in place, and before the underlying business takes any more damage, thus maximizing values and negotiating leverage. As for selling, why bother? Any reorg that allows existing shareholders to retain even a sliver of their former ownership could result in much more than 9 cents a share. A Covad-like deal would be a dream, but even a fraction of that would be better than 9 cents. The range of possibilities in a bankruptcy is huge and any prediction by anyone here as to the final outcome, if correct, would be just a lucky guess. Besides, salvaging such a small amount relative to the (unrealized) loss we've already suffered wouldn't really make anyone feel better. It wouldn't for me anyway. And who needs more tax losses this year, especially in July? JMO, Bob