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Technology Stocks : Winstar Comm. (WCII) -- Ignore unavailable to you. Want to Upgrade?

To: Steven Bowen who wrote (3502)	1/22/1998 9:42:00 AM
From: Brian Coakley	Read Replies (1) \| Respond to of 12468

Steven, The lateness of that date makes me hopeful that WCII is waiting until after the 28ghz auctions to have their conference call because they believe the auctions will be successful, and thus will allow them to "help" everyone see the true value of WCII. Just conjecture........ Regards, Brian

To: Steven Bowen who wrote (3502)	1/22/1998 9:45:00 AM
From: Alejandro	Respond to of 12468

Steve: Here is that post from long ago where the 40 per share for licenses is mentioned. To: MARK JALBERT (213 ) From: Ali Calzada Thursday, Oct 24 1996 10:49AM EST Reply # of 3503 Mark and Geoffrey---I found the reports. I'll list each one and comment on some part of it. GKN Securities-61 Broadway,NY.NY--212-509-3800 by Theodore P Eggert 212-208-6632 Report dated 11/27/95 Says that IPO was set for 150 mil.Demand was great so IPO went to 225 mil. Offering done by Morgan Stanley. The question here is what did Morgan and other buyers see in Winstar that would prompt such a huge bet on the future? The report details other things and concludes with this statement (more or less). "Experts" estimate licenses to be in the billions of dollars. IF WCIIs licenses are assumed to be 1 billion it rounds out to 42 per share. Further, the FCC has changed the rules of the game and no more 38 Ghz applications are being accepted. As a result, a bidding contest for WinStar's properties would not surprise us.---- That's about it from this report but keep in mind I paraphrased it. Pacific Growth Equities---353 Sacramento st.,16th Flr, San Francisco, CA 94111 by Craig E. Sultan 415-274-6883 Date 1/16/96 One of his key points says that management reiterated FCC plans to auction off remaining 38 GHz licenses with a suggested value of WinStars licenses in excess of 1 billion which is significantly above the Company's current valuation. ( there's that 1 billion again ) Further in the report, reference is made to a quarterly conference call where callers asked the company about the implied valuation of the Company's licenses and the FCC ruling. An FCC draft document says that prospective bidders for 38 GHz licenses would have to provide a deposit of nearly $1.2 billion JUST TO BID for the licenses WinStar currently owns. As a general rule of thumb, the bidding deposit tends to represent approx. 25% of the expected amount obtained by the FCC. For your info, WinStar makes press releases to ; Steve Hein of Technology Solutions Inc 212-696-2000 Ext 266 northstar@tsipr.com Finally I have a report by Deutsche Morgan Grenfell-CJ Lawrence by Stuart Conrad 212-469-5401 and James Henry 212-469=5267 entitled Emerging Competition in Local Communications---The Transformation from CAPs to CLECs. CAP-competitive access providers and CLEC-competitive local exchange carriers. That's it. Remember, I did not quote the reports word by word.