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Technology Stocks : CAWS - Wireless Cable (New and Improved) -- Ignore unavailable to you. Want to Upgrade?

To: Joseph Moran who wrote (4861)	3/30/1998 12:03:00 PM
From: Joseph Moran	Read Replies (1) \| Respond to of 5812

Maybe the way to go is buy CAWS bonds - from the SEC report 3/3/98. " The Subordinated Note issued to the Investor accrues interest at the rate of 12% per annum, compounded semi-annually, and is payable at maturity on October 1, 2005. The Subordinated Note is expressly subordinate to $45 million aggregate principal amount of CAI's 13% Senior Secured Notes currently held by the Investor and to its publicly-traded 12 1/4 % Senior Notes due 2002 (the "High-yield Bonds"). Under its terms, CAI is permitted to prepay the Subordinated Note at a discount of up to $27 million at any time before June 1, 1998 in the event that certain circumstances occur that result in the realization of a significant increase in the current market value of the High- yield Bonds. The Subordinated Note is a joint and several obligation of CAI and certain of its wholly-owned subsidiaries. The obligation of the subsidiaries to repay the Subordinated Note, however, is limited by the terms of the Indenture governing the terms of the High-yield Bonds.