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To: Carl Worth who wrote (31113)	9/18/2002 3:11:32 AM
From: Dale Baker	Read Replies (1) \| Respond to of 118717

The telcoms startup niche is still a giant game of "Survivor" with banks like JPM holding the bag for the losers. We'll see who wins. At this point, however, TWTC's June quarter paints the picture I want to see, positive cash flow from operations in excess of capex, which is also going down as cash flow goes up. ALGX's gross profit can't cover its SGA much less interest and capex. They can only survive as long as the credit window stays open. That's the risk for the bonds; when the new money dispenser says NO MORE, funding operations-interest-capex from operating cash flows just won't happen unless they increase their client base dramatically in a terrible slowdown.