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Technology Stocks : CellularVision (CVUS): 2-way LMDS wireless cable. -- Ignore unavailable to you. Want to Upgrade?

To: Pierre-X who wrote (856)	1/15/1998 11:18:00 PM
From: James Fink	Read Replies (1) \| Respond to of 2063

In 1997 (through early October) there were only a few significant sales by CVUS insiders and other major stockholders. These were: Bernard Bossard: Sold 173K shares between April and October Chancellor Asset Mgmnt: Sold 115K shares in Sept Mutual Funds: Sold 109K shares in early 1997 Bossard, CVUS Chief Technical Officer, continues to hold 3.42 million shares (out of his initial holdings of 3.746 Million). It is likely that his sales, which occur periodically throughout the year, were for "spending money." Shant Hovnanian and his father Vahak each obtained 3.746 million shares when CVUS went public several years ago. Significantly, they have not sold any. The Hovnanians and Bossard in toto continue to own 68.2% of CVUS common (out of their initial total three way split holding of 70%). Chancellor Assets continues to hold 548K shares (3.4%) and Institutions in total own 1.295 million shares (8.2%), with J.P. Morgan the largest at 605K shares (3.8%) Total mutual fund ownership is 575K shares (3.6%), with GT Telecom the largest at 428K shares (2.7%) In summary, insiders, institutions and mutual funds own 12.78 million shares of CVUS, or about 80% of all shares. In 1997, through October, these entities sold only about 400K shares, or less than 3% of their holdings. Almost half of these sales were by Bossard. (On the other hand, in the same time period, new purchases by institutions and funds totaled less than 100K shares.) CONCLUSION: At least through October 1997, insiders and major institutional/fund holders appear to be holding rock solid onto their CVUS shares. Sales over the past three months may modify this situation, but probably not significantly. The secrecy surrounding the preparations for the February auctions may explain the lack of recent buying interest by institutions/funds. Should CVUS come out of the auction process in decent shape, the potential upside leverage remains quite large. Of course, the downside leverage is similar. Hang on to your hats. Should be quite a ride.