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

To: Steven Bowen who wrote (5138)	4/13/1998 10:07:00 PM
From: Edward Murphy	Read Replies (2) \| Respond to of 12468

Steven, The holders of the convertible debt are actually getting about 30% a year right now. The debt is accruing at 14% but with the conversion premium it doubles. My take is today's close was sufficient to break the string of consecutive trading days and if that is a reason the stock is down, then that pressure should ease. When we tried to come back this afternoon after the news release somebody was really trying to keep it below 40.5 - they succeeded. Ed

To: Steven Bowen who wrote (5138)	4/14/1998 3:00:00 AM
From: SteveG	Respond to of 12468

<..Automatic conversion is still not clear...> I think if the company CAN, it WILL. <..since we're in the third of 5 years, the price level is somewhere in the 40 to 41 level...> Saw that in the 10K too. Anyone have the '95 prospectus which is explicit? <..Anyone with any thoughts as to if this could be a reason for Comforts downgrade? Could this become a tug of war between the company and MS..> Exactly the point I was making. The dynamic seems to be to retire the 14% paper or not. Eventually it happens. <..Or is it just totally a coincidence that Morgan Stanley was underwriter for the convertibles and they just happen to be getting close to converting?..> Close to a "premature forced" conversion...no coincidences, just politics. STILL, the idea that an analyst would be so BLATANT with this, and just after WCII gave MS a piece of the recent deal. Guess who has to watch on the sidelines uninformed as WCII goes through it's paces? <..The balance on the convertibles is probably just over $100 million...> Why do you think that the other $125MM is already gone? <..If they are converted this month (at 20 5/8), this would add (remember that dilution word) a little over 5 million shares to the current outstanding...> This is already accounted for in most DCF models (both current and soon to be released). There MAY be some selling pressure, however, for those that would sell WCII, and some further buying ops. Steve

To: Steven Bowen who wrote (5138)	4/14/1998 9:17:00 AM
From: gauguin	Read Replies (1) \| Respond to of 12468

So it wasn't such a crazy idea I had that this MS downgrade just might not be "pure"! Barbara

To: Steven Bowen who wrote (5138)	4/14/1998 10:25:00 AM
From: silicon warrior	Read Replies (2) \| Respond to of 12468

Steve: Thanks. I do believe that the convertible analysis explains the negativity from comfort--after all, she says look at the fundamentals of other CLECS, but then ignores wcii--just as last time she said the totally ridiculous --that wcii needed more capital for it's rollout, and might have difficulty raising it. At that time, as we knew, the co's capital needs for its original plan was funded.. So, is she a moron or does she have an agenda?? MSCo. is too good for morons, but not for people without scruples playing with a stock.IMHO