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To: Elmer who wrote (86206)	8/1/2002 5:28:41 PM
From: Jim McMannis	Respond to of 275872

Corning debt was downgraded to junk and they are floating more prefered securities...convertible to stock in 2005 which is a good deal except the ordinary shareholders were not offered it...only the big boys. Another reason not to trust companies. shareholder.com

To: Elmer who wrote (86206)	8/2/2002 1:32:25 AM
From: Mani1	Read Replies (1) \| Respond to of 275872

Re <<Why is this [GLW] so cheap?>> Got to be liquidity concern. Debt to equity is a whopping 0.86. Yes they got some cash, but the fact they just filed over $500m in convertible, causing a very significant dilution at current depressed stock levels, probably means that they do not feel they will have enough cash to meet their current debt when it matures. Also, currently there is an abundance of dark fiber already under the ground. A lot of money will be spent on the component side to light those. I have read reports that currently only small fraction of all fibers already under ground is being used. IMO GLW is several years from profitability from their fiber optic business, and don’t think their other business can support the maturing debt. Mani